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The most aggressive monetary tightening in decades is already hurting America’s economy, and the world’s. There’s more pain to come.

The most aggressive monetary tightening in decades is already hurting America’s economy, and the world’s. There’s more pain to come.

 Photographer: Graeme Sloan/Bloomberg

Economics
The Big Take

From Bad to Worse? Next Year’s Economic Risks Are Already Here

Cheap money, a booming China and decades of great-power peace are all gone. Next year may be when their absence really bites.

It’s been a miserable year for the global economy. But things can always get worse.

History says the Federal Reserve’s high-speed interest-rate hikes may well tip the US into recession in 2023. Few will be surprised if spiraling natural-gas prices do the same for Europe. The double whammy of Covid Zero and a property slump threatens to bring China’s economy to a near standstill.