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Economic Affairs
It's too late to tame inflation with rate hikes
Collateral damage to the global economy may be too severe for tightening to be sustained.
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It is doubtful that aggressive moves will succeed in sufficiently taming inflation, says the writer.
PHOTO: REUTERS
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After 15 years of easy money policies, the world is moving rapidly in the opposite direction now that inflation has taken off.
Last Wednesday, the US Federal Reserve hiked its benchmark Fed funds rate by 75 basis points, the biggest increase since 1994.
