Kristalina Georgieva said the central bank should continue following economic data to determine when it's right to begin lowering.
The Federal Reserve should be able to start lowering interest rates by the end of the year, according to Kristalina Georgieva, managing director of the International Monetary Fund.The Federal Reserve should be able to start cutting interest rates by the end of 2024, according to Kristalina Georgieva, managing director of the International Monetary Fund.
"We remain on our projection that we would see, by the end of the year, the Fed being in a position to take some action in a direction of bringing interest rates down," Georgieva said on CNBC'sGeorgieva's comments come after recent inflation data — which reflected price growth well above the 2% target — has bolstered concerns that the central bank will not begin lowering rates as early as some had previously hoped.
People should be optimistic about the future of the United States as the country does not feel as much upward pressure on labor costs compared with other places, the former World Bank CEO said. And the U.S. government can play a relatively bigger role in keeping the economy from overheating, Georgieva said, which is another reason for optimism on the country's financial health.
Still, Georgieva warned that keeping interest rates elevated for longer than expected can create risks to financial stability for the rest of the world. Meanwhile, she said central banks around the world will be less likely to follow the direction of the U.S. Fed as conditions diverge.
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