UN calls on Fed and other central banks to halt interest rate hikes

The Federal Reserve and other central banks risk pushing the global economy into a recession followed by prolonged stagnation if they continue to raise interest rates, a United Nations agency said on Monday.

The warning comes amid growing unease over the haste with which the Fed and its counterparts are raising borrowing costs to contain soaring inflation. India’s central bank said on Friday the global economy faces a third major shock after the Covid-19 pandemic and Russia’s invasion of Ukraine, in the form of aggressive rate hikes by central banks. rich countries.