The Federal Reserve should not lower interest rates significantly further because excessively low rates punish savers and reward debtors.

“So I don't think they should really come down an awful lot more um unless we have a real problem in our marketplace.”

Central banks face a difficult environment where inflation pressures and geopolitical uncertainty create a potential bias toward tightening.

“If you look at the inflationary pressures, the numbers we are seeing now but especially expectations for inflation, there's possibly a bias for tightening around the world that is not something Christine Lagarde will be too drawn on.”