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.
Recently I visited Moscow after five years away. The city, which looked different and strange, impressed me by its ability to change. My days back in Russia were divided between official meetings, hours wasted in traffic jams, and nights spent with old friends who tried to show me the best of Moscow nightlife.
On my first free evening, I was invited to a place called “Shinok.” The restaurant had many of the traits found in ethnic restaurants everywhere. Different bits of kitsch, this time Ukrainian, were richly represented. But the interior decoration had one unique element – an artificial wall with windows separating a part of the restaurant hall. Behind the wall was a stage set of a village yard.
A real cow, as well as chickens and geese populated that ersatz farmyard. At times an old woman in traditional dress appeared to feed the animals. Visitors enjoying borscht and pirogi observed her efforts with satisfaction. “She works for the restaurant,” my acquaintance explained. “She feeds animals and sits in the yard to create the rustic ambiance.”
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