Central banks around the world are willing to risk recession to fight inflation — and early signs suggest widespread pain for everyone, everywhere

Ina Fassbender/AFP/Getty Images More than 80 central banks are aggressively raising interest rates to cool inflation. Rate hikes are the best tool for easing price surges but bring with them the risk of recession. The synchronized rate hikes could throw the world economy into a slump. Countries around the world are rushing to crush inflation. […]

Top economist El-Erian says the Fed could have avoided ‘higher, faster, longer-lasting’ rates and elevated recession risk if it had acted sooner

Top economist Mohamed El-Erian said many have lost faith in the Fed. Photo by Rob Kim/Getty Images The Fed raised interest rates by 75 basis points on Wednesday, marking its third straight rate hike. It signaled more hikes ahead to tame inflation, but the move risks tipping the economy into recession. El-Erian said higher, faster […]