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Elsewhere in Bangkok, Bank of England chief economist Huw Pill has suggested that the financial markets may be getting carried away by anticipating four increases in UK interest rates over the next year.
Speaking on the sidelines of the IMF’s meeting, Pill said:
“Is it obvious that we will need to move, follow market pricing to four 25 basis-point hikes and so forth? So there, I would be a little bit more sceptical.
“I think it is important we get ourselves in the right position. I think we have some work to do there. I think that is something that probably is increasingly obvious now. But is four hikes appropriate over the next year?”
“What I worry, today, is that unless we figure out how to get ahead of this curve, given the speed, the scale and the cost of fraud growing [going] up, we may end up with lots of people with shoeboxes under their beds.”
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