>> We're in a weird not often seen situation where we are seemingly heading into a recession with full employment and high inflation and already high interest r

>> We're in a weird not often seen situation where we are seemingly heading into a recession with full employment and high inflation and already high interest rates(by recent memory) while also having high debt levels for both individuals and businesses. Hi from the UK too :-) High energy prices and fuel costs here are just annihilating people's spending ability, yet Bank of England has been upping interest rates similarly aggressively, to, you know, reduce people's spending ability. Fun times. And the people with serious disposable money to spend are seeing better savings rates and so... have more money to spend! I think there's simply a "this is the tool we've always used to combat inflation so here we go" attitude among central banks. IIRC Japan took a more nuanced view and bet on inflation being transient and with a distinct (COVID plus Russia/Ukraine) cause different to normal inflation causes, and they seem to be doing pretty well? https://tradingeconomics.com/japan/inflation-cpi https://tradingeconomics.com/japan/inflation-cpi