The Fed raises rates to cool the U.S. economy when inflation runs above its stated 2% target; helping the global economy is not the assignment. Higher borrowing costs slow spending and business activity, which means less money chasing goods, which eventually eases price pressure. Much of the data the Fed leans on lags, so it often keeps policy tight until it is convinced growth has slowed enough, and that can feel out of step with what people are experiencing in real time. The overlooked piece is currency. What looks like a rate story is sometimes a currency story. When another country's currency weakens against the dollar, that country's central bank may sell some of its U.S. Treasury holdings to prop up its own currency. Selling Treasuries pushes their yields up, and since mortgage rates track the 10-year Treasury closely, that can nudge U.S. rates higher for reasons that have nothing to do with the Fed. Short version: domestic rate hikes aim at domestic inflation, and global capital flows can move our rates independently of Fed policy. None of it is something an individual borrower can time, so focus on the payment you can carry rather than the macro tug-of-war.