Risk of ‘hard landing’ for global economy has ‘risen sharply,’ IMF warns
Persistently high inflation is expected to force the Federal Reserve and other central banks to keep raising rates and to keep them at or near a peak longer to combat surging prices. Those ever-higher borrowing costs are expected to weaken economic growth and potentially destabilize banks that had come to rely on historically low rates.
“Policymakers may need to adjust the stance of monetary policy to support financial stability” – that is, possibly rethink the pace of interest rate hikes that are intended to cool inflation. The global economy, the fund warned in Tuesday’s report, is “entering a perilous phase during which economic growth remains low by historical standards and financial risks have risen, yet inflation has not yet decisively turned the corner.”
France Dernières Nouvelles, France Actualités
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