It's like children are running the country that don't understand what the consequences of their actions, or worse they know and welcome it. All they're doing is taking a huge piece of the economy - those with mortgages and by taking away their disposable income it prevents them going to pubs/restaurants/attractions buying whatever which in turn will end up in a lot of those closing and before they have chance to react the economy will be dead from a tax receipt point of view and THEN they will put interest rates to low or even a minus value to try and recover.
People are also asking for bigger wages to cover higher bills which in turn causes companies to put up prices. So I wonder what this is going to do? As I guess it would cause businesses to put up prices to pay their bills that have increased yet again.
These economists are about the same as the people in the control room at reactor no.4 in Chernobyl, putting up interest rates like they were withdrawing control rods, instead of slowly doing it over a period of time and eventually it's just going to go boom.
But hey least the banks will be better off for all the money they are raking in now and then the people who will buy up cheap houses.