controlling inflation. They don't want to raise rates too quickly because it will stymie growth (not because they won't be able to service the debt.) Our interest rates are near all-time lows. Even if the 10 year doubles from here it will still be really low compared to historical numbers.

So I disagree with your notion that the Fed is bowing down to Biden and politicians. They simply don't want to skyrocket rates up too quickly because it will shut down the recovery.