Let's put aside for a moment that the Fed is a completely immoral, evil institution that should have never been created and the cycle of raising and cutting interest rates to manipulate the money supply is pure kikery at its worst. Also put aside that the widely cited inflation metrics (CPI, PCE) are just selective data sets to create a narrative. Again, kikery.
The Fed raised interest rates to curb inflation. They said they wanted it to trend towards 2% (based on their curated metrics). That would never happen unless they raised rates to at least 6% and sparked a major recession.
Now that the Fed will be starting with a 0.25% cut, it's possible inflation will trend upwards again. Government spending will never slow down. Individual spending isn't going down anytime soon. IIRC credit card debt is at all-time highs.
I think people are being led into a false sense of security that inflation has been tamed, when in reality the worse is yet to come.