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TSP, life made more.

Hello and welcome to the Intelligence from the Economist in London, I'm Jason Palmer.

And in New York, I'm John Fassman.

Every weekday we provide a fresh perspective on the events shaping our world.

The scale of the flow of people created by the war in Ukraine is hard to fathom.

Many refugees are finding work, schools, housing, but neither they nor their host country's

governments can plan for how long they're setting up home.

And across much of America's upper Midwest, ice fishing is for some reason a beloved winter pastime.

But technology is changing it and climate change threatens its future.

Our correspondent reports from a frozen lake in Minnesota.

But first...

For the past two years, inflation has been public enemy number one.

Enormous demand late in the pandemic, fueled by vast amounts of cash handed out to citizens in big economies,

put an end to the era of low interest rates.

The FOMC raised our policy interest rate by 25 basis points.

We continue to anticipate that ongoing increases will be appropriate in order to attain a stance of monetary policy

...