The Great Inflation Trade-Off
Leading central banks are now deploying tools that should help to contain growing price pressures. But these measures will impose a high economic cost, and could push the most vulnerable economies into recession.
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CAIRO – On May 4, the United States Federal Reserve raised its benchmark interest rate by half a percentage point in an aggressive attempt to curb surging US annual inflation, which currently stands at a four-decade high of 8.3%. And eurozone inflation reached a record 7.5% year on year in April, according to preliminary estimates.