US rate hikes feeding risk of global recession: Borrell

US interest rate hikes are pushing global prices higher at a time of food crisis and war, EU’s top diplomat Josep Borrell warns. A surging US dollar is making basic goods in other countries unaffordable unless central banks follow the US Federal Reserve’s lead. The eurozone is already struggling with the conundrum of having to raise interest rates to tamp down inflation while keeping a wary eye on how hard that will hit flagging growth amid an energy crunch. Borrell: ‘Everything is being weaponised. Everything is an arm: energy, investments, information, migration flows, data. There is a global fight about access to some strategic domains, cyber, maritime, outer space’ The world itself had become more competitive,’ he stressed. . . .