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Central banks across the world are raising rates. They claim it will control inflation and stabilize respective currency. If the US intends to protect the US dollar, raising rates may be necessary. Rate hikes aren't a phenomenon found only in the US. It is the overwhelming trend everywhere, so if the Fed chairman is an idiot, all central banks are managed by idiots.

Today, the St Louis Fed chairman said controlling inflation is their primary objective, so a pause next week is far from certain.