US should raise taxes, not cut rates till late 2024: IMF

The IMF advised the US Federal Reserve to hold off on cutting interest rates until "late 2024" to avoid further inflation risks. The IMF also recommended raising taxes, including on households earning below $400,000 annually, to address growing federal debt. The IMF's annual report highlighted that US public debt is expected to surpass 109% of GDP by 2029. It stressed the need for more fiscal prudence to manage high deficits and debt risks. President Biden's plan to raise taxes on corporations contrasts with former President Trump's proposal to preserve and possibly extend tax cuts.