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US: World Bank warns against Fed lift-off – Deutsche Bank

FXStreet (Delhi) – Darren Gibbs, Chief Economist at Deutsche Bank, suggests that the investor’s sentiment was dented by the recent statement from the World Bank President in which he warned against the consequences of Fed lift-off this year.

Key Quotes

“We suspect that market sentiment wasn’t helped by comments made by World Bank President Jim Yong Kim, who told CNBC that growth will be slow globally, especially in emerging markets, and argued that a Fed rate rise this year would have very serious negative effects for emerging markets. He went on to note that oil and gas producers were already in a terrible situation and that when and if Iranian production comes online he expects the price of oil and gas to fall another $10.”

“The overnight dataflow – which we discuss further below – didn’t provide strong direction. We do note that the Atlanta Fed’s ‘GDPNow’ estimate of Q3 GDP growth was cut in half to 0.9% saar, largely on the back of the very weak advance trade data released earlier in the week.”

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