Global markets on edge as central bank rate hikes risk economic slowdowns in US and Britain

Global financial markets will remain on edge this week as central banks around the world raise interest rates to control runaway inflation.

The Reserve Bank's first rate rise in 11 years may have caused a jolt for many Australians - especially those with a mortgage. 

But the message from the Bank of England late last week shows the harsh medicine to deal with inflation is likely to have significant fallout and will add to the woes from the pandemic.

I spoke this morning on ABC NewsRadio