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Economic Outlook: The Inflation Battle Goes Global
The global economic outlook has deteriorated sharply; we now expect gross domestic product (GDP) growth to be well below potential in 2023. But not all downturns are catastrophic, and once central banks can shift some focus away from inflation fighting, it should signal that an economic and financial recovery is in sight. Inflation shows few signs of moderating anytime soon and central bankers are tightening monetary policy aggressively (Display). The Federal Reserve has hiked interest rates by 150 basis points so far this year and the Bank of England by 125—with the European Central Bank set to start tightening in ... (full story)