On 21 September 2022, the US Federal Reserve announced its third consecutive interest rate rise of 0.75 of a percentage point, lifting the benchmark federal funds rate 3–3.25%. This is the highest level since 2008. The Fed has indicated that further increases are on the way, according to an article in the Wall Street Journal by Nick Timiraos.
Inflation has risen to multi-year highs in many of the world’s biggest economies. The war in Ukraine has sent energy costs soaring. With many countries now unwilling to buy from Russia, they have had to buy from other sources at higher prices. Food prices, especially wheat, have also been affected by the war.
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