The Fed raises interest rates plus the federal funds rate, which is the interest rate of the American interbank lending market, not the deposit and loan interest rate of commercial banks. That is to say, raising interest rates by the Federal Reserve will neither increase deposit interest nor loan interest, but it will eventually lead to an increase in deposit and loan interest, because deposit and loan interest rates are all adjusted on the basis of the federal funds rate, which is the interest rate when commercial banks lend to each other. 1, the interest rate of American depositors will increase, so the number of people willing to deposit their money in the bank will increase; 2. The interest rate of American depositors' loans has increased, reducing the frequency and amount of loans from banks; 3. With the appreciation of the US dollar, international investors are more willing to hold the US dollar, and international hot money is pouring into the United States; 4. Other currencies depreciate against the US dollar, and the same US dollar can be exchanged for more foreign currencies; 5. The upside-down spread between China and the United States has brought some depreciation pressure to RMB.