Is the Fed Going to Cut Rates?

Inflation is elevated above fed target of two %, correct? Yes, maybe we get down to four or five, but that's a number the fed doesn't like. What does that mean in erms of wages? An people demanding higher salaries? What does it mean in terms of consumer spending? That has to mean mortgage rates are going to be much higher. And lastly, what does it mean for politics? I can't imagine the present occupant of the white house is happy with that sort of inflation forecast.