This week, it will become more apparent to economists and policymakers across the globe that the Federal Reserve is in a Catch-22 situation of its own making. Forced by worries about high and persistent inflation, the Fed will likely go down in history as having raised interest rates by the same large amount in three consecutive policy meetings. But because it is doing so in a weakening economy, it will face criticism for damaging not just domestic economic well-being, but also global growth.

(SOURCE) https://www.cnn.com/2022/09/21/perspectives/mohamed-el-erian-fed-interest-rates-inflation/index.html