BIS calls for tough measures to combat global inflation.

The Bank for International Settlements (BIS) has called for more interest rate hikes, warning that the world economy is at a crucial point as countries struggle to rein in inflation. Despite the relentless rise in rates over the last 18 months, inflation in many top economies remains stubbornly high, while the jump in borrowing costs triggered the most serious banking collapses since the financial crisis 15 years ago. The BIS thinks an economic "soft, or soft-ish" landing - where rates rise without triggering recessions or major banking crashes - is still possible, but accepts it is a difficult situation.