Article 6D8QC UK interest rates need to stay higher for longer to beat inflation, says IMF

UK interest rates need to stay higher for longer to beat inflation, says IMF

by
Larry Elliott Economics editor
from on (#6D8QC)

US Fed will also have to raise rates more aggressively than forecast, says Washington-based body

Interest rates in the UK will need to stay higher for longer than previously forecast in order to tackle stubbornly high inflation, the International Monetary Fund has warned.

The IMF's regular update on the state of the global economy singled out the US Federal Reserve and the Bank of England as two central banks that will need to raise official borrowing costs more aggressively than it assumed only three months ago.

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