Global Central Banks Raise Rates to Combat Inflation and Recession Fears

Central banks around the world are increasing interest rates in response to stubbornly high inflation rates, despite concerns about the impact on already fragile economies. The Bank of England and Norway's central bank both raised rates by half a point on Thursday, while the Swiss National Bank increased rates by a quarter point. The moves follow the Federal Reserve's warning that it may need to raise rates twice more this year. The Bank of England's decision to double the pace of hiking was in response to an underlying measure of inflation that accelerated to a 31-year high.