Raising the inter-bank overnight loan rate seems like a really weird way to combat rising inflation. Raising that rate reduces bank profits, and so the banks try to recoup their losses by raising rates on products mostly used by the middle and lower classes–mortgages, car loans, personal loans, etc. This reduces 'disposable' income, which leads to reduced spending, reduced corporate profit, and finally in job markets taking a hit. Eventually, prices stagnate, or maybe even decrease a little (LOL), but the middle class is taking all the pain.
Targeting the middle class because they have 'too much money' and are 'causing' prices to rise is stupid. Middle class wages stagnated for decades, and now that they're finally catching up, they're blamed for inflation and targeted for destruction? Why not target corporate greed? Kinda crazy how many companies are making record profits while also complaining about rising prices, tight labor market, etc.
I was lucky to find a better, higher paying job last year, but now I'm exactly where I was before since inflation has pretty much wiped out my pay difference. So, stay in a job that gives measly 2% raises each year that track 'reported' inflation (LOL), or change jobs and have any benefit sucked away by greedy corporations and a stupid monetary system…