Annie Pforzheimer, a former acting deputy assistant secretary of state for Afghanistan and a deputy chief of mission in Kabul, is a non-resident associate at the Center for Strategic and International Studies.
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.
