IMF warns US and China of high deficits and inflation

Summary: The IMF warns the US of high fiscal deficits causing inflation, with a projected 7.1% deficit in 2025. China faces a 7.6% deficit. The US and China, along with the UK and Italy, need to address spending imbalances. US debt is at 97% of GDP, expected to reach 116% by 2029. Rising US rates impact global markets. IMF urges US and China to control finances.

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