IMF: Fed should delay rate hike till H1 2016
Print Edition
THE US Federal Reserve should delay a rate hike until the first half of 2016 till there are signs of a pickup in wages and inflation, the International Monetary Fund said in its annual assessment of the economy yesterday.
The IMF report comes amid signs that some rate setters at the US central bank are also pushing for rate hikes to be delayed until there are clearer signs of a sustained recovery.
US data have been mixed, and the economy fell 0.7 percent in the first quarter.
“Based on the mission’s macro-economic forecast, and barring upside surprises to growth and inflation, this would put lift-off into the first half of 2016,” the IMF said.
Fed chair Janet Yellen has insisted the economy remains on track and that a rate rise this year is on the cards, although others on the rate-setting committee have raised concerns over growth.
The IMF saw the Fed’s favored measure of inflation, the personal consumption expenditures reading, would hit the 2 percent target in mid-2017.
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