No, velocity needs to be bludgeoned by an absolute level of rate and if required, substantial increases in Fed funds in order to achieve that level. There is no predetermined formula by which the Fed may know how much that rate increase must be in order to quell inflationary forces when stresses begin to build in the economic infrastructure. Suffice to say that the period preceding the Fed's last foray into Fed funds rate increases was characterized by an economic environment not substantively different from the one with which we are now faced. In the upcoming round, the Fed will be at a crisic. It will find that it must attack velocity by gibbeting it into submission with the widdy of a meaningful increase in short term interest rates to a higher critical level.
History mandates that it be implemented with incisiveness and dispatch.
Market participants are well advised to take heed. Neither stocks, nor bonds tend to cotton kindly to any Fed tightenings, much less those that precedency suggests will require greater snugging increments than is currently bruited by the street.