Monetary Policy in Stagflation: Inflation vs Unemployment

Consider an economy experiencing a significant increase in the inflation rate alongside a rising unemployment rate. Central bank officials are evaluating the economic conditions and are faced with the dilemma of choosing appropriate monetary policy tools. The economy has also been subjected to a series of supply shocks that have increased the cost of goods. Given this context, which of the following monetary policy approaches would likely be the most effective in addressing both inflation and unemployment simultaneously?