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IMF Says Tight Policy Needed, Sees Limited Market Tension

GLOBAL
  • (MNI): IMF Managing Director Kristalina Georgieva on Thursday said central banks must keep attacking inflation with interest rates and use other tools to stay on top of recent financial turmoil, crediting reforms since 2008 with limiting damage from distressed banks.
  • “So long as financial pressures remain limited, we expect central banks to stay the course in the fight against inflation—holding a tight stance to prevent a de-anchoring of inflation expectations,” she said in the text of a speech previewing next week’s IMF meetings in Washington.
  • Failure to curb inflation threatens global growth already cut in half to less than 3% this year amid geopolitical tensions such as the Ukraine war, she said. The IMF sees that growth rate persisting over the next five years, the worst such projection since 1990 and below the average 3.8% over the past two decades.
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