My understanding is that raising interest rates is supposed to prevent runaway inflation.
"Increasing interest rates lowers inflation by making borrowing more expensive and saving more attractive, which reduces consumer and business spending. This decreased demand slows economic growth, cooling the economy, and reducing pressure on businesses to raise prices, ultimately lowering inflation."
It does, however, inflict financial stress on people who are struggling. The ordinary person suffers for something they have little control over. In this case, the orange ones Iranian adventure.
On the subject of interest. Let me strenuously state that my worldview is not dictated by total self-interest. In my case, I retired early, and I am living off my super. Since the orange one is wrecking the world economy, I have pulled out my super, and it is all now in term deposits. This money has to last me a little while longer. A rise in interest rates for me personally is a bonus. To stress again, I do have empathy for mortgage holders.