The Federal Reserve’s first interest rate rise risks triggering a jolt to bond markets that could surpass the turmoil the central bank inadvertently set off in 2013, the International Monetary Fund has warned.
José Viñals, the director of the IMF’s monetary and capital markets department, warned of a “super taper tantrum” and spiking yields as the US central bank gets nearer to lifting rates from near-zero levels. “This is going to take place in uncharted territory,” he said in an interview.
In its Global Financial Stability Report, out yesterday, the IMF argued that risks had not only risen worldwide, but that they had rotated to parts of the financial world that were harder to monitor — including to the non-bank sector.
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