Rising rates, of course, have powerful effects on households, and they can do it through a number of channels.

There have been really nasty surprises in 2022 already setting the case for recovery back.

But broadly speaking here, again, a careful Federal Reserve and a little bit of help from the world's producers.

We think that there's absolutely a case to be made here,

that a recession is not inevitable in this year or next.

Welcome to Living Beyond Borders, a podcast from City Private Bank and G0 Media.

On this program, we examine global risks and opportunities from the

angles of both politics and economics. I'm Lucy Eve, senior strategist of geo-economics

at Eurasia Group. It's hard to believe it was now 15 years ago, the start of the largest

global financial crisis the world had experienced since the Great Depression.

A perfect storm of risky lending, bankruptcies, mortgage defaults and failures of financial institutions

deeply strained the economy in the US and nearly everywhere else.

With recession looming, what did the government do?

Well, one of the tools the US Federal Reserve had in its pocket

was interest rates and an ability to slash them. In January 2008, the Fed made its largest cut to

interest rates in 25 years and the first emergency cut in rates since 9-11. The cuts didn't stop

the Great Recession, as we know, but the move did help keep the economy

afloat. And interest rates have stayed historically low since then, at least until now.

Today we'll be speaking with two experts about what the Federal Reserve does, where

interest rates are now, and where they may be going. We're joined by Stephen Whiting, Chief

Investment Strategist and Chief Economist at City. We're joined by Stephen Whiting, Chief Investment Strategist

and Chief Economist at City Global Wealth Investments, and Robert Kahn, Director of Geo-economics

...