Campaigning for 2024 will start in mid-2023 - they have incredibly long cycles, it is like they hardly spend any time between inauguration and next campaign, doing anything. So yes, it will start sooner.
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How could they not have tightened this year with rampant CPI?
Yes, they had to, because of incredibly poor global economic decisions over the last 2 years which is largely the cause of the inflation.