The International Monetary Fund cut its growth projections for the US economy this year and next, and raised its unemployment-rate estimates through 2025. Moneyweb Inflation IMF
The International Monetary Fund cut its growth projections for the US economy this year and next, and raised its unemployment-rate estimates through 2025, warning that a broad-based surge in inflation poses “systemic risks” to both the country and the global economy. Gross domestic product in the world’s biggest economy will expand 2.3% this year, the executive board of the Washington-based lender said in its so-called Article IV consultation released Tuesday. That’s less than the 2.
Policy makers raised interest rates by 75 basis points last month — the single-biggest move since 1994 — and a majority of Fed officials have signaled that another increase of the same magnitude is on the table for July. US GDP contracted in the first quarter and trackers of economic activity, such as the popular Atlanta Fed indicator GDPNow, suggest it will do so again in the second quarter when data are release on July 28.
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