Silicon Valley Bank collapsed on Friday, becoming the largest U.S. bank failure since the 2008 financial crisis. It left Chair Jerome Powell and his colleagues with a difficult decision to make at yesterday's Fed meeting. The question was, does it prioritize financial stability? Or does it prioritize dealing with persistently high inflation? And what did the Fed decide to do? Well in the event, they did raise interest rates by one quarter of a percentage point.
Central banks face a painful tradeoff: raise rates too quickly and risk banking-sector instability. Raise them too slowly and risk continued high inflation. Our correspondent travelled to Kyiv to meet a woman who has rescued hundreds of wild animals. And reflecting on the legacy of a woman who changed British attitudes toward sex.
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