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  • Beijing Review

    SAILING INTO THE WIND

    Jul 28, 2022 5 minutes
    By Zhang Shasha
    Copyedited by G.P. Wilson

    The term butterfly effect famously has its origins in the idea that the flap of a butterfly’s wing in Brazil can set off a chain of events that leads to the formation of a tornado in Texas, the U.S. It is used to describe how small, seemingly inconsequential phenomena have the possibility of creating global impacts. However, when that butterfly is in fact the world’s largest economy, global impacts are unavoidable.

    The U.S. consumer price index (CPI), a major gauge of inflation, jumped 9.1 percent year on year in June, a 40-year high, according to the nation’s Bureau of Labor Statistics. In general, higher interest rates are used to bring inflation under control. To curb surging inflation, the U.S. Federal Reserve (Fed) raised its benchmark interest rate by 75 basis points to a

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