Global race to hike interest rates tilts economies towards recession

BofA sees UK and euro area falling into recession in the fourth quarter as surging energy costs take their toll on economies this winter

Central banks are intent on driving the world perilously close to a recession.

Late to see the worst inflation in four decades coming, and then slow to crack down on it, the Federal Reserve and its peers around the globe now make no secret about their determination to win the fight against soaring prices — even at the cost of seeing their economies expand more slowly or even shrink. About 90 central banks have raised interest rates this year, and half of them have hiked by at least 75 basis points in one shot. Many did so more than once,