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World Bank Urges Fed to Hold Off on Raising Rates

The World Bank has urged the Federal Reserve to wait until next year to raise interest rates, citing concerns about a choppy US recovery and the effect a rate hike may have on emerging markets. Raising rates sooner could cause the dollar to strengthen, jolting emerging markets and slowing the US economy. World Bank Chief Economist Kaushik Basu shared these and other thoughts on Wednesday’s conference call with reporters to discuss the bank’s semiannual global forecasts. A similar message to delay raising rates was issued last week by the International Monetary Fund. [BB]

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