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“It’s not going to be in the interest of anyone in the world .. for us to get behind the curve in the U.S. by moderating what we think is the right course of domestic policy,” Quarles told a finance conference in Bali. Blaming the Sino-U.S. trade dispute and tighter financial conditions in emerging markets, the IMF this week cut global growth forecasts for 2018 and 2019. “The recovery is increasingly uneven, and some previously identified risks have partially materialized,” the IMFC communique said, referring to threatened tariffs and outflow pressures.
The United States and China have slapped tit-for-tat tariffs on hundreds of billions of dollars of each other’s goods over the past few months, sparked by U.S, President Donald Trump’s demands for sweeping changes to China’s intellectual property, industrial subsidy and trade policies, Trump has frequently accused China of cheapening its currency to gain a trade advantage, claims Beijing has consistently rejected, The U.S, Treasury is due to release a key report on currency stethoscope cufflinks manipulation next week..
Despite reassurances from China’s central bank on currency policy, some analysts say yuan weakness will persist, as there is no clear path towards resolving the U.S.-China trade dispute and higher tariff rates loom in January. “Clients in China remain unwilling to call a bottom in the yuan,” NatWest Markets head of foreign exchange strategy Mansoor Mohi-uddin said in a research note. “This in turn makes us cautious about calling for a peak in the dollar globally.”. Further Federal Reserve rate hikes are expected to underpin the dollar’s strength and increase capital outflow pressures on emerging market economies.
NUSA DUA, Indonesia/FRANKFURT (Reuters) - Central bankers from the United States to Europe are coming under pressure from their governments to loosen their purse strings again as a decade of accelerating economic growth and booming markets fueled by cheap cash comes to an end, For 10 years since the global financial crash of 2008, the Federal Reserve and other central banks across the world have engineered a global upswing through ultra-low interest rates and massive money-printing programs, As stethoscope cufflinks inflation recovers, rate-setters are now tightening their policy, leaving indebted governments, entrepreneurs and households feeling the pinch from higher borrowing costs and, in fragile emerging economies, sliding currencies..
What started as an issue for countries with sizeable U.S. dollar debt such as Argentina and Turkey is now reaching the world’s richest and supposedly most advanced economies in the United States and the euro zone. U.S. President Donald Trump launched a scathing attack on the Federal Reserve this week for being “too aggressive” in raising rates and labeled the institution “crazy”, “loco”, “ridiculous” and “too cute”. Earlier this year, Italy’s ruling parties floated the idea of getting the European Central Bank to forgive some of the country’s huge debt pile or offer a guarantee on it.
The central banks of Turkey and South Africa have also been blamed by their governments for being too tight with their policy, The clash threatens to tarnish the golden rule of developed financial systems for the past three decades: keep the money-printing presses away from elected stethoscope cufflinks politicians if you want to keep inflation in check, This risk, part of a global wave of populism and aversion toward technocrats, worried policymakers at the International Monetary Fund’s annual meetings this week..
“They’re asking to change rates, (debt) cancellation, they’re asking them to do other things, buy bonds,” European Central Bank President Mario Draghi told a press conference at the IMF meeting on the Indonesian resort island of Bali. “This is one of the risks in the geopolitical sphere.”. Barry Eichengreen, a professor at Berkeley, said governments had more to lose than gain by discrediting their central banks. “Seriously infringing on the independence of the central bank would elicit a negative market reaction,” Eichengreen said.
So far, monetary guardians have stood stethoscope cufflinks their ground, Euro zone central bank sources at the IMF meeting told Reuters Italy won’t receive any help from the ECB unless it secures a bailout from the European Union, which comes with stringent conditions in terms of budget tightening and economic reforms, The Fed’s chair, Jerome Powell, did not react to Trump’s comments but he bagged a resounding endorsement from the IMF’s managing director Christine Lagarde, Another central banker attending the Bali meeting said he was not giving Trump’s comments too much weight..