Donald Trump’s plans for higher tariffs, lower taxes and curbs on immigration risk reviving inflation and preventing the Federal Reserve from cutting interest rates, the IMF has warned.
Unveiling forecasts that predicted faster than expected growth for the US economy, the fund’s chief economist Pierre-Olivier Gourinchas said the president-elect’s policies could lead to a combination of surging demand and shrinking supply which would “likely reignite US price pressures”.
He added in a blog post on Friday that “higher inflation would prevent the Federal Reserve from cutting interest rates and could even require rate hikes that would in turn strengthen the dollar and widen US external deficits”.
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