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The global dangers of rising US inflation Jul 25,2021 - Last updated at Jul 25,2021 NEW YORK As US inflation continues to accelerate, with consumer prices increasing 5 per cent year on year in May, it is not only the US Federal Reserve that needs to remain vigilant. Policymakers around the world, and in vulnerable economies in particular, also should prepare for the possibility that US interest rates will rise faster and sooner than most forecasts currently predict. After all, the Fed has raised its inflation forecasts significantly over the last 12 months. At its mid-June meeting, the policy-setting Federal Open Market Committee estimated that whole-year inflation in 2021 for personal consumption expenditures would be 3.4 per cent. That is a full percentage point higher than their median projection in March, and more than level forecast back in June 2020.

Republic ofUnited statesShang jin weiDonald trumpJoe bidenColumbia university school of internationalInternational monetary fundMarket committeeAsian development bankPeople bankPublic affairsColumbia business schoolFederal open market committeePresident joe bidenSouth americaJin wei