Remarks about Federal Reserve came as global peers feel impact of foot-dragging on rate cuts
WASHINGTON – Finance Minister Muhammad Aurangzeb said the government was working on arresting inflation and focusing on expanding tax net, adding that the talks held with international financial institutions remained positive.
All insist they are setting policy independently of the Fed and basing it on local conditions. But those conditions are now being buffeted by a sudden likelihood of US interest rates staying higher for longer than had been expected as the year began after a run of hotter-than-expected inflation data.
On the other hand, Brazil's Finance Minister Fernando Haddad at a press conference in Washington on the sidelines of the IMF and World Bank spring meetings said, "When the March scare came, there was a drastic reversal of expectations, and this changed the mood significantly regarding how economic variables will behave worldwide,".The dollar's 4.
It was a pivot by the Fed eagerly anticipated around the world, especially among smaller, debt-laden economies with limited ability to control their own borrowing costs or contain disruptive swings in their currencies. Williams, the influential vice chair of the US central bank's rate-setting Federal Open Market Committee, was only the latest official to have suddenly turned squeamish about a turn to rate cuts after data showed the US economy motoring at an unexpectedly brisk pace through the first quarter and inflation in particular proving to be unhelpfully sticky.
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