Claudia Sahm is the director of macroeconomic policy at the Washington Center for Equitable Growth. Previously, she was a section chief at the Board of Governors of the Federal Reserve System.
Though the US Federal Reserve’s first interest-rate hike of 2023 is smaller than those that preceded it, policymakers have signaled that more increases are on the way, despite slowing price growth. But there is good reason to doubt the utility – and fear the consequences – of continued rate hikes, on both sides of the Atlantic.
