US stimulus could accelerate policy normalisation – IMF research

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The tax cuts and spending increases approved by the US Congress since late 2017 could force the Federal Reserve to accelerate the normalisation of monetary policy, according to research published by the International Monetary Fund.

In The Tax Cuts and Jobs Act: an appraisal, Nigel Chalk, Michael Keen and Victoria Perry assess the possible national and international repercussions of higher growth rates in the US.

The authors think the most direct impact of the stimulus on other countries will

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