I'm not convinced they do know how to control inflation. I skimmed the article & found it interesting, but it didn't speak to the current environment much. Consider some of the following....
The article mentioned that Volcker raised the rate to 20% in 1980, but I saw another source that had it initially in 1978, but again in 1980; in 1980 there was a recession. The article didn't mention that in 1981 Reagan got his tax cut package & perhaps that should get some of the credit? Yet, are tax cuts being considered?
I don't have exactly comparable time frames, but public debt has gone from ~34% of GDP in 2000 to 100% in 2020. In 1980, the budget deficit was 2.6% of GDP; in 2020, it was 14.4%. Look up how much those will skyrocket as interest rates rise.
Think of the related policies the administration has. Much of current inflation coming from price of oil. While encouraging opec to pump more, administration is cancelling pipeline construction, pushing EVs, etc -- that is, multiple policies to deter domestic supply. So, conflicting goals.
I do think they believe they are managing expectations by declaring inflation to be transitory. Hoping folks will not buy before price increases; in that aspect, supply chain problems may be keeping that from getting out of hand thus far. Will it accelerate when shelves are stocked again. But also consider expectation for "not spending" -- that is, savings. With interest rates this low, possible savers know they are getting negative real return on saving. So, a different reason to go ahead & spend....
I'm not convinced there is a comprehensive strategy, much less a consensus. I hope I'm wrong.