Money promotes economic growth, savings and investments, and so one can say that the global economy runs on money. In recent years, we have seen falling interest rates which made debt cheap to service, resulting in an increased level of borrowings being taken by both the public and private sectors. Now, central banks are raising interest rates to fight the notable surge in inflation and borrowings are becoming more burdensome. The Federal Reserve raised interest rates by 75bps to 1.50%-1.75% in the June meeting. Expectations are for the Federal Reserve to raise rates by a further 75bps in the July meeting to 2.25%-2.50% and to reach c. 3.25%-3.50% by year end, before being reversed thereafter to end 2023 at c. 2.75%-3.00%. The European Central Bank hiked rates for the first time in July by 50bps, ending eight years of negative rates and reaching 0%, with markets expecting interest rates to reach 1.25% by year end. The Bank of England also raised rates in its June meeting by 25bps to 1.25%, pushing borrowing costs to the highest in 13 years. Markets are pricing in a further c. 50bps hike at the August meeting, to reach c. 1.75% and then to reach c. 2.75% by year end. The pace at...