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Rising interest rates in US will hinder foreign economies

FILE -A woman carries harvested coffee beans on her head at a coffee plantation in Mount Gorongosa, Mozambique Sunday, Aug. 3, 2019. When the Federal Reserve raises interest rates -- as it did Wednesday, May 4, 2022 -- the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans. The fallout can be felt beyond America’s borders, hitting shopkeepers in Sri Lanka, farmers in Mozambique and families in poorer countries around the world. (AP Photo/Tsvangirayi Mukwazhi, File) FILE - International Monetary Fund President Kristalina Georgieva waves as she arrives for a meeting of G20 finance and health ministers at the Salone delle Fontane (Hall of Fountains) in Rome, Oct. 29, 2021. When the Federal Reserve raises interest rates -- as it did Wednesday, May 4, 2022 -- the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans. The managing director of the International Monetary Fund, Kristalina Georgieva, was worried enough last month to warn the Fed and other rate-hiking central banks to stay “mindful of the spillover risks to vulnerable emerging and developing economies.’’ (AP Photo/Alessandra Tarantino, File) FILE - Sri Lankans queue up near a fuel station to buy kerosene in Colombo, Sri Lanka, Tuesday, April 12, 2022. When the Federal Reserve raises interest rates -- as it did Wednesday, May 4, 2022 -- the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans. The fallout can be felt beyond America’s borders, hitting shopkeepers in Sri Lanka, farmers in Mozambique and families in poorer countries around the world. (AP Photo/Eranga Jayawardena, File)
Rising interest rates in US will hinder foreign economies