Central bankers in the world's major economies are determined to bring inflation under control, even if it means sacrificing some short-term economic growth. That was made clear this week by Jerome Powell, head of the US Federal Reserve. His comments follow the move by the European Central Bank in Frankfurt to raise its benchmark rate by 75 basis points. That's the biggest hike in borrowing costs in eurozone history, with inflation in the 19-member bloc running at a record high.

David Madden is a market analyst at Equiti Capital in London. He talked about possible consequences of higher interest rates.

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