(Bloomberg) -- Now that the higher-for-longer interest-rate era has arrived, global finance officials are getting worried about the consequences.Most Read...
Rising long-term bond yields signal investors increasingly believe cheap borrowing is over. Multiple attendees at the International Monetary Fund’s meetings this week cautioned that the wholesale tightening now risks inflicting a shock to a world economy already on edge as war rages in the Middle East.
The challenge faced by policymakers assessing the fallout of multiple shocks in recent years, along with the as-yet unknown impact from rapidly jacked-up interest rates, was cited by European Central Bank President Christine Lagarde, who spoke alongside Gopinath.A collective assessment from the Group of 20 finance chiefs chimed with that view.
“I do believe that overall, we see that interest rates will stay higher for longer,” Deutsche Bank AG Chief Executive Office Christian Sewing told Francine Lacqua on Bloomberg TV. “That is something that our clients need to position for themselves.” “The flawed policy of raising interest rates means that more developing countries face debt crisis,” said Executive Director Eric LeCompte. “More than half of all countries are having trouble paying their debts and meeting the basic needs of their people.”
--With assistance from Alexander Weber, Zoe Schneeweiss, Kamil Kowalcze, Steven Arons, Nicholas Comfort, Jana Randow and Scott Johnson .Yellen says US-backed IMF funding increase is 'pretty likely' Trump Org CFO Allen Weisselberg testifies it's a 'coincidence' that Trump is paying him $2 million severance
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