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Russia has lost more tanks an ukraine than france, britain and germany possess combined armies. Many of the ucranians who have taken up arms to defend their country are not professional soldiers. America's central bank increased its main interest rate by point seven five % yesterday. The federal reserve faces a tricky problem, how to curb soring inflation without triggering a recession.

America’s central bank raised rates by .75% yesterday—the biggest increase in almost 30 years. Whether that will help tame rising prices without triggering a recession is unclear. The poor performance of Russian tanks in Ukraine has led some to wonder whether the tank itself is obsolete. And the rousing, darkly humorous defiance of Ukrainian war anthems. For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer