The argument for not pushing rates much higher than they already are is really two-fold. High interest rates are at the root of the financial chaos that America has been experiencing. The second point, and I think this is really actually the more important one, is that all of the instability that we've seen in the banking sector is tantamount to a form of monetary tightening.
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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