According to CoinMeta, Australian Finance Minister Chalmers stated that the latest interest rate hike by the Reserve Bank of Australia (RBA) "is entirely due" to the impact of the Middle East war. Previously, the RBA announced a rate hike as scheduled, noting an increase in inflationary pressures. Chalmers subsequently issued a statement saying, "Australian workers did not choose this war, but they are paying a heavy price for it. This war has become a disaster for the global economy." He also mentioned that market participants are currently betting that major developed economies around the world will face multiple interest rate hikes.