Over the course of this year, nearly every major economy has jammed on the brakes. In the past five decades, policy has never tilted so overwhelmingly towards rate rises. The great tightening began in the spring of 2021, when a handful of central banks in Latin America and central Europe began putting up interest rates to calm their wobbling currencies and rein in inflation. As the pace of tightening has increased, growing numbers of economists have warned that this rapid and synchronous, but largely unco-ordinated, policymaking has the makings of trouble. What is really contributing to the rise in global rates at unprecedented rates ?

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