One of the big understated risks confronting economies and investors is that central banks are sharply increasing interest rates at the same time and financial markets are moving in close correlation.
The synchronised moves by central banks to aggressively tighten interest rates from near-zero come as they try to get on top of high inflation.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
