Rate Hikes Echo Around the World as Inflation Proves Unrelenting
- Powell signal for more hikes echoed by BOE, SNB, Norges Bank
- Economic growth set to be taxed by further monetary tightening
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Central bankers’ mounting concern that inflation remains undefeated is locking them into a new phase of monetary constriction on economies already jolted by a year or more of interest-rate hikes.
Summer’s official start in the northern hemisphere this week coincided with a UK report showing alarmingly stubborn price gains and Federal Reserve Chair Jerome Powell’s warning that another two increases in borrowing costs may well be needed.