Fintan O'Toole is the Leonard L. Milberg Visiting Lecturer in Irish Letters at Princeton University, columnist at the Irish Times, and the author of Heroic Failure: Brexit and the Politics of Pain.
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.
