Australia could be facing the prospect of getting caught in a global recession after the US Federal Reserve increased its cash rate by 0.75 per cent.Motley Fool chief investment officer Scott Phillips said the US cash rate would likely be "very close" to 4.5 per cent by the end of the year, in a bid to tackle soaring inflation."Basically the real fear in the US is this may well cause a recession, and the US Fed says they will do whatever it takes," Phillips told Today.
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