The high inflation rate in the United States makes the American Central Bank (The Fed) raise interest rates to reduce the money supply and maintain the value of the currency. The Fed began to raise its benchmark interest rate by 25 bps to the range of 0.25-0.5% in March 2022 to reduce food and energy inflation in the country. In May 2022 the interest rate was raised again by 50 bps to the range of 0.75-1%, in line with rising inflationary pressures in the US. This policy affected the Indonesian capital market where the JCI will be overshadowed by a decline due to the weakening of the rupiah exchange rate.