Rate hikes and soaring inflation has pushed the U.S. Federal Reserve to hike rates at a pace last seen four decades back. Global central bankers are following suit. With the RBI set to deliver yet another hike at its August meet and global economy monitors such as the IMF downgrading growth warning of a global recession, we explore which is the lesser evil, higher rates or a global recession. Host Anupriya Bahadur is joined by Sugata Ghosh, Associate Editor, The Economic Times and Abheek Barua, Chief Economist, HDFC Bank to discuss the global economic drama and what could be the climax. Credits: Reserve Bank of India, Bloomberg Markets and Finance, CNBC US and Money Control