According to the World Bank, as central banks worldwide simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023.
The Labor Department reported that consumer prices rose a seasonally adjusted 0.4% in October from a month earlier, putting them up 7.7% from a year earlier. Although the inflation report is likely to soften the Fed’s grumpy mood, questions still hover over how much higher it will lift them in the coming months.
