They won't, there will be too much political pressure for the president with the mid term elections coming for the fed to take the risk of raising rates. If they want to raise rates, they will do it in 2023 so the current regime can blame the fall out on, I'm assuming, the newly elected Republican Congress.
I'm assuming the next cycle will be a huge win for Republicans for two reasons.
1) Things we saw in this last election. For example, a truck driver won in New Jersey against their senate president with a campaign budget of $153
2) Joe Biden's approval rating the the the high to mid 20's
