If High Inflation Becomes A Problem, What Action Will The Fed Likely Take With High Interest Rates?

There is an inverse relationship between these two things:
Low interest rates = high inflation.

If there is more money in an economy, people will spend more, thus cost of products will increase. If there is less money in an economy, people have less to spend and product demand will decrease and thus results in low prices. If interest rates fall, money is cheaper to borrow, thus more money in an economy (means high inflation). If the interest rates are high then it is very costly to borrow, therefore less money in an economy (means low inflation).

Some times both inflation and interest rates increase at the same time this is known as stagflation. Some external market forces might be involved in stagflation.

So if high inflation becomes a problem then interested rate should be increased to control this problem. :)