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A global backlash is brewing against the Fed

Aggressive rate hikes across the world risk sending the global economy into a devastating recession

©The Financial Times Limited 2020 Sep 22, 2022 / 11:25 AM IST
All Rights Reserved. FT and Financial Times are trademarks of the Financial Times Limited Not to be redistributed, copied or modified in any way.
A global backlash is brewing against the Fed

US Federal reserve. (File image)

In March 2021, when the US Federal Reserve was still buying $120bn-worth of securities a month, Brazil’s central bankers raised their benchmark rate by 0.75 percentage points on the back of concerns that a surge in global commodity prices would trigger inflation. It took another year for the US central bank to catch on to the fact that price pressures would prove far from transitory and finally raise the federal funds target from near zero. By then, Brazil had increased...

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