Who will win the battle between bankers and budgets in 2023?

Who will win the battle between bankers and budgets in 2023?
Sharply higher interest rates are the result of the Fed, led by Jerome Powell, and its fight with inflation. (Image: Getty
The Economist
By Henry Curr, Economics editor, The EconomistThe world economy is slowing and many countries risk falling into recession in 2023. In the US, sharply higher interest rates, the necessary result of the Federal Reserve’s fight with inflation, threaten to crash the housing market and raise unemployment. Tight money has brought about a strong dollar, which is exporting inflation to emerging markets and making their hard-currency debts harder to service. Europe is grappling with a severe energy crisis that is shutting factories...

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