Robert Cassen is Professor of Economics, London School of Economics, and editor and co-author of 21st Century India: Population, Economy, Human Development and the Environment.
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.
