Pradipta Chaudhury, currently an Erasmus Visiting Fellow in the Department of Economic History at the London School of Economics, is Professor of Economics at Jawaharlal Nehru University, New Delhi.
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.
