'The worst is yet to come': IMFOn Tuesday, the International...

'The worst is yet to come': IMF

On Tuesday, the International Monetary Fund said that colliding pressures from inflation, war-driven energy and food crises and sharply higher interest rates were pushing the world to the brink of recession and threatening financial market stability.

"The three largest economies, the United States, China and the euro area, will continue to stall," Pierre-Olivier Gourinchas, the IMF's chief economist, said in a statement.

"What caused the latest downturn was an announcement the Bank of England (BoE) was going to stop supporting the gilt (UK bonds) market in three days," said Randy Frederick, managing director, trading and derivatives at Charles Schwab in Austin.

Earlier on Tuesday, the Pensions and Lifetime Savings Association urged the BoE to extend the bond-buying programme until October 31 "and possibly beyond".

Bank of England governor Andrew Bailey told pension fund managers to finish rebalancing their positions by Friday, when the British central bank was due to end its emergency support program for the country's bond market.

https://www.abc.net.au/news/2022-10-12/asx-australian-share-market-business-company-global-stock/101525334