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The Global Race to Hike Rates Tilts Economies Toward Recession

The Fed looks willing to tip the US into a slump if that’s what’s needed to beat inflation. Other central banks are ready to make the same gamble

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Central banks are intent on driving the world economy perilously close to a recession.

Late to see the worst inflation in four decades coming, and then slow to crack down on it, the Federal Reserve and its peers around the globe now make no secret about their determination to win the fight against soaring prices — even at the cost of seeing their economies expand more slowly or even shrink.