John Campbell, a former US ambassador to Nigeria, is a senior fellow for Africa policy studies at the Council on Foreign Relations. His book, Nigeria: Dancing on the Brink, will be published this autumn.
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.
