TOKYO -- Interest rates are trending higher worldwide as central banks pivot toward monetary tightening, threatening to raise debt-serving costs for countries that spent aggressively to cushion the pandemic's blow to their economies.
Markets
Higher interest rates set to balloon nations' pandemic debt burden
Central banks face policy dilemma from inflation and high borrowing costs
Federal Reserve Chairman Jerome Powell is seen delivering remarks on screens as traders work on the trading floor at the New York Stock Exchange. The Fed is expected to raise rates as early as March, with some predicting as many as seven hikes this year. © Reuters
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