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As America raises rates, the rest of the world bears the pain

The Federal Reserve’s latest lift offers little help for the global economy

IN RECENT weeks, as the Federal Reserve prepared to intensify its fight against inflation, a noose has tightened around the global economy. On Sep 21, the Fed delivered a 0.75 percentage point interest rate rise - its third in a row. The Fed's benchmark rate now stands at 3 to 3.25 per cent, up 3 percentage points since the start of the year. While the rise was anticipated, the central bank offered a surprise: New projections revealed that rates would probably rise to more than 4.5 to 4.75 per cent...

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