Central banks can't reopen the Strait of Hormuz by forcing mortgagees + renters to pay more interest/rent.
When you only have a hammer, everything looks like a nail. Reserve Bank of Australia is currently clobbering the poorest even more, worsening the cost of living.
www.ft.com/content/5c1d...
ft.com
Australia raises interest rate to highest level in 15 years
RBA governor says Iran war has ‘made people poorer’ as central bank seeks to tackle persistent inflation