The fight against inflation intensified this week as central banks stepped up their efforts to cool rising prices, and a global recession could be the price we pay. Switzerland’s central bank, the Swiss National Bank (SNB), sent shockwaves through global markets on Thursday with its first interest rate rise since 2007. Compared with the drama in Washington DC and Zurich, the Bank of England’s quarter-point rate rise on Thursday looked relatively tame. A global recession is already coming, warned Robin Brooks, chief economist at the Institute of International Finance. Global recession is coming.
