There is an argument that interest rates need to rise much faster than they are so that central banks will have ammunition to fight the next recession.
It’s a seductive idea, especially these days.
Last week, the International Monetary Fund (IMF) published its most optimistic economic outlook in years. Instead of savouring the moment, it used its spring meetings in Washington, DC, to urge its members to use the good times to get ready for the next crisis.
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