This is an example of monetary policy “leaning against the wind.” The resulting pro-cyclical movement in interest rates increases the stability of the economy in much the same way as cyclical swings in the federal budget deficit.
Some might argue, however, that even if short-term interest rates do not rise, long-term interest rates, equity prices, and the dollar may change in ways that damp the cyclical swing in demand and thereby lessen the necessity of a direct response of monetary policy.