The inflation from the covid money-fountain came back to bite well after the pandemic. Central Bank sets the rates higher to purposefully chill the economy by triggering a recession, or ideally recession-lite. Making people unemployed is a key goal
Considering one of the main goals of the central bank is to maximize employment, this perspective might be extending into unfounded conspiracy territory.
Perhaps they're prioritising preventing hyperinflation, and willing to break eggs (layoffs) for that inflation-under-control omelette. Either way, it's all not much fun right now :(
