Global economy bearly able to grow

Renewed concerns around persistently high inflation have pushed US stock markets into bear territory over the last week. Even faster and more aggressive hikes to interest rates are now anticipated, backed up by the Federal Reserve lifting the Fed Funds rate to 1.50-1.75% overnight, the biggest increase at any single meeting in 28 years. There are mounting risks of a global downturn as central banks kneecap economic activity in the short-term. Contractionary monetary policy is necessary to wrestle both actual inflation and future expectations back under control, with the stimulus at the height of the COVID-19 pandemic having been overdone.