A top IMF official has warned central banks need to move cautiously on cutting interest rates this year, as market expectations of looser monetary policy could fuel another flare-up of inflation.
Gita Gopinath, the first deputy managing director of the IMF, said inflation is set to decline less sharply than it did last year because of tight labour markets and high services inflation in the US, euro area and elsewhere.
This points to a “bumpy” path towards lower inflation, she said, suggesting official rates should not be lowered until the second half of the year.
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