In my humble opinion, raising interest rates with the threat of WW3 looming and Europe and the US cutting economic ties with Russia is a dangerous game.

Supply chains are disrupted at scale, which hasn't anything to do with an overheated economy due to heavy demand from households, companies, and governments.

The economy is messed up from Covid measures and the sanctions against Russia due to the war in Ukraine.

I don't see how interest rates are an antidote to the situation. On the contrary, all economic units are not interested in investing, and many of them are highly in debt after the last two years.

Pushing interest rates upwards might be an economic slaughter amongst the units.