The Bank achieves the inflation target by raising or lowering the target for the overnight interest rate which, in turn, influences other interest rates, and, ultimately, the overall demand for goods and services. This sequence of events takes time, and monetary policy typically tries to influence inflation 6 to 8 quarters into the future.
While this outlook is possible, I believe it to be overly optimistic. On the other hand, if you believe in the regime shift narrative, the situation is potentially more complicated. Broadly speaking, there are two types of regime shifts: one related to fundamentals and the other to inflation dynamics.