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☆ Risk of a global recession is minimal, IMF economist says — would take 'a lot to derail'
▼ + stars: | 2024-04-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

"When we do the risk assessment around that baseline, the chances that we would have something like a global recession is fairly minimal. The Washington DC-based institute this week nudged its global growth outlook slightly higher to 3.2% in 2024 and projects the same rate in 2025. One of the International Monetary Fund's top economists signals little risk of a global recession, despite the ongoing rumblings of geopolitical uncertainty. That has all combined with the ongoing Russia-Ukraine war, which had its biggest wider impact on energy prices in Europe in 2022. And that's one of the big risks that we do see, the implications that could have for oil prices could be substantial.

Persons: Gourinchas, Pierre, Olivier Gourinchas, Karen Tso, Gita Gopinath, we're Organizations: U.S, IMF, Washington DC, International Monetary, Palestinian, Hamas, CNBC Locations: Europe, New York, Germany, France, Italy, Spain, Portugal, Belgium, Gaza, Red, Yemeni, Russia, Ukraine, Asia, Israel, Iran

☆ It's prudent for the Fed to 'wait and see' before cutting rates, says IMF's Gita Gopinath
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's prudent for the Fed to 'wait and see' before cutting rates, says IMF's Gita GopinathGita Gopinath, first deputy managing director of the International Monetary Fund, tells CNBC's Karen Tso that it makes sense for the Federal Reserve to "wait and see" before starting to cut rates given the strength of the U.S. economy and stronger-than-expected inflation.

Persons: Gita Gopinath, Karen Tso Organizations: Fed, International Monetary Fund, Federal Reserve Locations: U.S

☆ A spillover of Middle East tensions is a big geopolitical risk, says IMF's Gita Gopinath
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA spillover of Middle East tensions is a big geopolitical risk, says IMF's Gita GopinathSpeaking to CNBC's Karen Tso at the International Monetary Fund's Spring Meetings, Gita Gopinath, first deputy managing director of the IMF, discusses the major geopolitical risks facing markets and the world.

Persons: Gopinath, Karen Tso, Gita Gopinath Organizations: International

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ JPMorgan Chase fights off 45 billion hacking attempts each day
▼ + stars: | 2024-01-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —JPMorgan Chase now fights off about 45 billion attempts a day by hackers to infiltrate its systems. That’s double what it was last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street titans are facing. Speaking on the same panel, Gita Gopinath, deputy managing director of the International Monetary Fund, said that the use of AI by hackers is concerning to regulators. More than 70% of bank executives surveyed by KPMG last year said that cyber security was a major concern for their company. That’s why staying one step ahead of it is the job of each and every one of us,” said Erdoes on Wednesday.

Persons: JPMorgan Chase, Mary Callahan Erdoes, “, ”, Banks, Gita Gopinath, Gopinath, There’s, Erdoes Organizations: New, New York CNN, JPMorgan, Wall, titans, Economic, Google, International Monetary Fund, of England, KPMG Locations: New York, Davos, Switzerland, United States, Europe, Ukraine

Argentine President-elect Javier Milei departs the Eisenhower Executive Office Building after meeting with Biden administration staff at the White House complex in Washington, U.S., November 28, 2023. His foreign policy, meanwhile, is unabashedly pro-United States and pro-Israel, with a cooler stance on top trade partners Brazil and China. 2 Gita Gopinath and other fund officials, the fund said separately. The IMF has said in the past that dollarization is not a substitute for sound macroeconomic policy. Milei and IMF officials had a first virtual meeting on Friday, which Georgieva called a "very constructive engagement".

Persons: Javier Milei, Kevin Lamarque, Milei, Jake Sullivan, Juan Gonzalez, Benjamin Gedan, Alberto Fernandez, Vladimir Putin, Kristalina Georgieva, Posse, Luis Caputo, Gita Gopinath, Georgieva, Jason Lange, Rodrigo Campos, Rosalba O'Brien, Christopher Cushing Organizations: Argentine, Biden, REUTERS, Rights, U.S, White, National Security, Western, United, Israel, America, Wilson, International Monetary Fund, IMF, Reuters, Thomson Locations: Washington , U.S, Washington, Argentina, United States, Brazil, China, U.S, Moscow, Ukraine, Beijing, Argentine, New York

☆ IMF approves $35 bln credit line for Mexico
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/3] Employees work at a stall in an outdoor market dedicated to the sale of fruits and vegetables, in Ciudad Juarez, Mexico July 27, 2023. REUTERS/Jose Luis Gonzalez/File Photo Acquire Licensing RightsMEXICO CITY, Nov 16 (Reuters) - The International Monetary Fund's executive board has approved a two-year, $35 billion flexible credit line for Mexico, it said in a statement on Thursday, noting the Latin American country's economy is undergoing a broad-based expansion. This is Mexico's tenth flexible credit line arrangement since 2009, and the country has reduced amounts of the lines granted in recent years, the IMF said. In 2017, the IMF granted Mexico a credit line worth around $88 billion, which by 2021 was reduced to $50 billion. Authorities will reassess the external risk outlook and their implications on access under the agreement in November 2024, the IMF added.

Persons: Jose Luis Gonzalez, Gita Gopinath, Gopinath, Kylie Madry, Valentine Hilaire, Nick Zieminski Organizations: REUTERS, MEXICO CITY, Monetary Fund's, IMF, Thomson Locations: Ciudad Juarez, Mexico, MEXICO

☆ China retail sales, industrial data grow faster than expected in October
▼ + stars: | 2023-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesBEIJING — China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened. Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by a Reuters poll. watch nowWithin retail sales, sports and other leisure entertainment products saw sales surge by 25.7% in October from a year ago, the data showed. The International Monetary Fund last week cited Beijing's policy announcements as a reason to raise its China growth forecast for the year to 5.4%. Real estate and related sectors have accounted for about a quarter of China's gross domestic product.

Persons: Gita Gopinath Organizations: Getty, Nurphoto, Retail, Reuters, Investment, National Bureau of Statistics, Catering, Monetary Fund, IMF, CNBC, UBS Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Beijing

☆ IMF upgrades China's 2023, 2024 GDP growth forecasts
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +3 min

People wait to board trains at the Shanghai Hongqiao railway station ahead of the National Day holiday, in Shanghai, China September 28, 2023. GDP growth could slow to 4.6% in 2024 because of continued weakness in China's property sector and subdued external demand, the IMF said in a press release, albeit better than its October expectation of 4.2% in the IMF's World Economic Outlook (WEO). The combination of the downturn in the property sector and local government debt crunch could wipe out much of China's long-term growth potential, economists say. Local debt has reached 92 trillion yuan ($12.6 trillion), or 76% of China's economic output in 2022, up from 62.2% in 2019. China should also develop a comprehensive restructuring strategy to reduce the debt level of local government financing vehicles (LGFVs), she said.

Persons: Aly, IMF's, Gita Gopinath, Gopinath, LGFVs, Joe Cash, Ryan Woo, Edmund Klamann, Christopher Cushing Organizations: REUTERS, Rights, Monetary Fund, China's, Communist Party, Thomson Locations: Shanghai Hongqiao, Shanghai, China, Rights BEIJING, Gopinath

The International Monetary Fund warned on Tuesday of risks posed by China’s financial and property sectors even as it took a more optimistic view on the country’s economic growth. forecast that China’s economy will expand 5.4 percent this year and 4.6 percent in 2024. Each estimate was 0.4 percentage points higher than the fund had predicted four weeks earlier. Gita Gopinath, the first deputy managing director of the fund, said at a news conference in Beijing that the changes reflected stronger economic performance than expected from July through September and recent efforts by Beijing to stimulate the economy. But Ms. Gopinath voiced worries about China’s housing sector, which faces falling prices and sales as well as loan defaults by leading developers.

Persons: Gita Gopinath, Gopinath Organizations: Monetary Fund Locations: Beijing, China

☆ IMF raises China GDP forecast after Beijing's policy moves
▼ + stars: | 2023-11-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

The new economic measures laid out by the U.K. government "will likely increase inequality", according to a spokesperson from the International Monetary Fund. BEIJING — The International Monetary Fund on Tuesday raised its China growth forecast to 5.4% for 2023. The IMF cited better-than-expected third-quarter growth and Beijing's recent policy announcements. However, the IMF still expects growth to slow next year to 4.6% "amid continuing weakness in the property market and subdued external demand." In October, the IMF had lowered its growth forecast for China to 5% this year and 4.2% next year.

Persons: Gita Gopinath Organizations: International Monetary Fund, Monetary Fund, IMF Locations: BEIJING, China

☆ The Chinese government can play a more prominent role in resolving housing market issues, IMF says
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Chinese government can play a more prominent role in resolving housing market issues, IMF saysIMF Deputy Managing Director Gita Gopinath discusses the organization's latest GDP forecast for China and the country's lagging housing market.

Persons: Gita Gopinath Locations: China

☆ We shouldn't be settling for lower global growth, IMF's Gopinath says
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe shouldn't be settling for lower global growth, IMF's Gopinath saysGita Gopinath, first deputy MD at the International Monetary Fund, discusses the structural reforms needed to boost growth and the challenge for policymakers.

Persons: IMF's Gopinath, Gita Gopinath Organizations: International Monetary Fund

Seoul/Hong Kong CNN —When Hwang Ji-sun, 52, first joined the assembly line at South Korean carmaker Hyundai 22 years ago, women like her had it tough. A wider problemDespite the incremental improvements, South Korea still has widespread problems of gender-based exclusion and low pay, researchers say. Gita Gopinath, first deputy managing director of the International Monetary Fund (IMF), has proposed South Korea adopt new measures to help keep women in the workforce. Making childcare more affordable, lowering the number of working hours or allowing more flexible arrangements is key, she told a South Korean forum last September. In a culturally conservative society like South Korea, much more needs to be done to change perceptions about women in male-dominated professions, according to Hwang.

Persons: Hong Kong CNN —, Hwang Ji, Hwang —, ”, Jung Sungmi, Hwang, Yasuyoshi Chiba, PIIE, Gita Gopinath, Roh Helena, “ Organizations: Hong Kong CNN, Hyundai, Korea Metal Workers ’ Union, CNN, ”, Economic Co, Development, Korean Women’s Development, Getty, US Bureau of Labor Statistics, country’s Ministry of Employment, Labor, Peterson Institute for International Economics, International Monetary Fund, South, “, Korean Women Workers Association, Hyundai Motor Locations: Seoul, Hong Kong, South Korea, Ulsan, United States, Turkey, India, Indonesia, AFP, South, Korea, South Korean

☆ AI-Driven Cataclysm Could Rock the Job Market: Top Economist
▼ + stars: | 2023-09-18 | by ( Aki Ito | ) www.businessinsider.com time to read: +33 min

Over the course of three conversations this summer, Acemoglu told me he's worried we're currently hurtling down a road that will end in catastrophe. "There's a fair likelihood that if we don't do a course correction, we're going to have a truly two-tier system," Acemoglu told me. "I was following the canon of economic models, and in all of these models, technological change is the main mover of GDP per capita and wages," Acemoglu told me. In later empirical work, Acemoglu and Restrepo showed that that was exactly what had happened. "I realize this is a very, very tall order," Acemoglu told me.

Persons: who's, Katya Klinova, Daron Acemoglu, Simon Johnson, Acemoglu, Johnson, we've, he's, we're, Power, James Robinson, —, Robinson, David Autor, Pascual Restrepo, Restrepo, John Maynard Keynes, Simon Simard, Lord Byron, Eric Van Den Brulle, hasn't, it's, Gita Gopinath, Paul Romer, Romer, What's, Daron, GPT, Asu Ozdaglar, It's, Mark Madeo, Tattong, Erik Brynjolfsson, Brynjolfsson, There's, Yoshua Bengio, Yuval Noah Harari, Andrew Yang, Elon Musk, I've, That's, Aki Ito Organizations: Getty, MIT, of Technology, Hulton, London School of Economics, Stagecoach, Technology, —, International Monetary Fund, Microsoft, Asu, Companies, Computer, Greenpeace, Communications, Big Tech, Workers Locations: Silicon Valley, America, Boston, Istanbul, Turkey, Acemoglu, England, United States, Britain, Australia

☆ Morning Bid: Early Labor Day for markets
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 1 - A look at the day ahead in U.S. and global markets from Mike DolanLabor Day comes a bit earlier for markets this year, with Friday's release of the critical August jobs report coming just ahead of Monday's end-of-season U.S. holiday. A series of updates showed private sector hiring slowing in August, while job openings fell back in July and layoffs jumped. On the flipside, more up-to-date weekly jobless claims fell again and the consensus payrolls estimate has ticked higher from 150,000 only last week. Going into Friday's report, futures markets remain split and stand 50-50 on the chances of another hike by November. And whatever they think about peak rates, markets are also grappling with the prospect of rates staying up here for some time.

Persons: Brendan McDermid, Mike Dolan, JP Morgan, Saola, Gita Gopinath, Loretta Mester, Raphael Bostic, Alexander Smith Organizations: New York Stock Exchange, REUTERS, Mike Dolan Labor, JP, Atlanta, HK, European Central Bank, Broadcom, Treasury, P Global, Cleveland Federal, Atlanta Fed, Reuters Graphics, United States Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Hong Kong, Europe

☆ The next revolution in monetary policy is underway
▼ + stars: | 2023-06-30 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

LONDON, June 30 (Reuters Breakingviews) - Monetary policy, Milton Friedman said, acts on the economy with long and variable lags. Monetary policy regimes evolve in response to the changing nature of prevailing economic challenges – though this also takes time. The next revolution in monetary policy may be brewing. One question Gopinath did not address is how the financial system came to dominate monetary policy. When contractions hit, however, central banks eased monetary policy and governments loosened their purse strings, just as before.

Persons: Milton Friedman, Gita Gopinath, Gopinath, ’, “, Peter Thal Larsen, Pranav Kiran, Oliver Taslic Organizations: Reuters, International Monetary Fund, Bank for International, IMF, Central, SVB, Signature Bank, Credit Suisse, Fed Funds, BIS, Thomson Locations: Portuguese, Sintra, Korean, United States, Europe, Central, England, London, U.S, China, Ukraine, “

☆ Eurozone Inflation Slows, but Underlying Price Pressures Persist
▼ + stars: | 2023-06-30 | by ( Patricia Cohen | ) www.nytimes.com time to read: +4 min

Growth is expected to pick up, but further increases in interest rates could act as a brake on the economy. France’s annual inflation rate fell to 5.3 percent in June, from 6 percent in May. Germany, the largest economy in Europe, saw a rise in its annual inflation rate to 6.8 percent, up from 6.3 percent in May. Inflation rates in Germany are expected to resume their fall in September. After adjusting for inflation, profits were above their prepandemic level while workers’ compensation was 2 percent below the trend in the first quarter of this year.

Persons: Gita Gopinath, Christine Lagarde, ’, Giorgia, “, Lucrezia Reichlin, Riccardo Marcelli Fabiani, Price, Lagarde Organizations: International Monetary Fund, London Business School, Oxford Economics, Ukraine — Locations: Sintra , Portugal, France, Italy, Russia, Ukraine, Germany, Europe

LONDON, June 28 (Reuters) - Western central banks have been warned this week not to quit in the final lap of their monetary tightening campaign - the hard yards households and financial markets may now find exhausting. And yet, desperate for their members not to declare premature victory in getting inflation back to 2% targets or sow an assumption above-target inflation will eventually be tolerated, central bank watchdogs are cheerleading a last push. But that's not in forecasts this time around - with U.S. and UK headline inflation rates not back to target by the end of next year and the euro zone not even by then. 'Last Mile' of disinflationBIS chart on speed of disinflation'UNCOMFORTABLE TRUTHS'And the BIS message was echoed by the International Monetary Fund (IMF) on Monday. "Monetary policy should continue to tighten and then remain in restrictive territory until core inflation is on a clear downward path," she said.

Persons: that's, Gita Gopinath, Christine Lagarde, Lagarde, Jerome Powell's, John Williams, Williams, Joseph Little, Mike Dolan, Mark Potter Organizations: Bank for International Settlements, BIS, for Economic Cooperation, International Monetary Fund, Bank's, IMF, ECB, U.S . Federal Reserve, New York Fed, U.S, Bank of England, Global, HSBC Asset Management, Reuters, Twitter, Thomson Locations: Ukraine, Portugal

☆ Markets are pricing in rate cuts too soon, IMF's Gopinath says
▼ + stars: | 2023-06-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Major central banks will have to keep interest rates high for much longer than some investors expect, Gita Gopinath, first deputy managing director of the International Monetary Fund, told CNBC Tuesday. "Now this is unlike, for instance, what several markets expect, which is that things are going to come down very quickly in terms of rates. The ECB began raising rates in July 2022 and has increased its main rate from -0.5% to 3.5% since then. Nonetheless, Fed Chairman Jerome Powell has suggested there could be at least two more rate hikes this year. In a note to clients on Friday, Nomura said it expects both the ECB and the Bank of England to announce rate cuts in about a year's time.

Persons: Gita Gopinath, Gopinath, CNBC's Annette Weisbach, Jerome Powell, Nomura Organizations: International Monetary Fund, CNBC, European Central Bank, ECB, U.S . Federal Reserve, Fed, Bank of England Locations: Sintra , Portugal, Europe

☆ IMF's Gopinath: Uncertainty means ECB interest rates should stay higher for longer
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Gopinath: Uncertainty means ECB interest rates should stay higher for longerGita Gopinath, first deputy managing director of the International Monetary Fund, discusses the IMF's outlook for further ECB rate hikes, and the external risk factors putting pressure on central banks.

Persons: Gita Gopinath Organizations: International Monetary Fund

☆ Morning Bid: China supports, peak rate haze
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +4 min

It made its displeasure at further yuan weakness clear on Tuesday, lifting official daily targets while state banks sold dollars. Even though investors seemed to bat away the bizarre weekend events in Russia, the murky Western interest rate picture continues to hamper European and U.S. stocks. Central bankers meeting at an annual European Central Bank forum in Portugal dissuaded markets from betting on a peak in the interest rate cycle just yet. While those comments are likely more directed at European policymakers, where disinflation is lagging, markets also still expect the Fed to push ahead with at least one more interest rate rise next month. The hawkish rate picture didn't deter demand for two-year Treasury notes at Monday's auction, however, and 2-year yields slipped below 4.70% on Tuesday.

Persons: Mike Dolan, Li Qiang, Hong Kong's, Christine Lagarde, Lagarde, Gita Gopinath, Morgan Stanley, Emelia Sithole Organizations: Federal, Economic, Bank of Japan, European Central Bank, ECB, Conference, University of Michigan's, Dallas Federal, Richmond Fed, Central Bank, Treasury, Walgreens, Reuters, Thomson Locations: U.S, China, Beijing, Tianjin, Shanghai, Russia, Portugal, Sintra

June 27 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Wall Street closed in the red on Monday - the Nasdaq shed more than 1% for the third trading day in four - and the U.S. yield curve inversion accelerated to near-historic levels. But inflation and policy concerns are driving sentiment more than geopolitical fears. The Bank for International Settlements on Sunday called for more rate hikes, warning the world economy is at a crucial juncture in the fight against inflation. The International Monetary Fund's Gita Gopinath said on Monday investors may be overly optimistic on the speed and cost of taming inflation.

Persons: Jamie McGeever, Gita Gopinath Organizations: Kremlin, Nasdaq, Swiss, Bank for International, U.S, JSR, Japan Investment Corp, ECB, Thomson, Reuters Locations: Russian, U.S, Japan, Canada, Sintra, Portugal

☆ IMF's Gopinath warns AI risks 'substantial disruptions' in jobs markets- FT
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - IMF First Deputy Managing Director Gita Gopinath has warned of "substantial disruptions in labour markets" stemming from generative artificial intelligence and called on policymakers to quickly craft rules to govern the technology, the Financial Times reported on Monday. "We need governments, we need institutions and we need policymakers to move quickly on all fronts, in terms of regulation, but also in terms of preparing for probably substantial disruptions in labour markets," Gopinath said in an interview to FT.She also advocated for governments to bolster "social safety nets" for workers affected by the adoption of AI, while working on tax policies that do not reward companies replacing employees with machines. Gopinath cautioned policymakers to be careful in case some corporations emerge with an unassailable position in the new technology. "You don't want to have supersized companies with huge amounts of data and computing power that have an unfair advantage," Gopinath told the newspaper. Reporting by Kanjyik Ghosh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Gita Gopinath, Gopinath, Kanjyik Ghosh Organizations: Financial Times, Thomson Locations: Bengaluru

☆ IMF's Gopinath sees 'sizeable' upside inflation risks, says markets too optimistic
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

2 official said on Wednesday she sees sizeable risks that inflation will remain high or accelerate in many emerging markets and urged central banks to keep monetary policies tight. IMF First Deputy Managing Director Gita Gopinath told a conference hosted by the Central Bank of Brazil that markets were probably "too optimistic" about what it would take to bring down inflation in emerging markets. "Despite encouraging signs, I am worried that price pressures seem entrenched in many economies and that upside inflation risks are sizeable," she said in remarks prepared for the event. That was a lesson learned from the high inflation period of the 1970s and it "very much applies today," Gopinath said. But these countries still faced "considerable downside risks" from monetary policy tightening in advanced economies, and conditions may get "significantly worse," she said.

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