IMF trims US economic growth outlook

In its latest update on the global economic outlook, the International Monetary Fund (IMF) on Tuesday trimmed its forecast for US economic growth by 0.6% to 1.6% in 2016 from 2.2% growth projected in July. 

The IMF anticipates US CPI to surpass the Federal Reserve target of 2% in 2017, one year earlier than what the central bank had forecasted, and would reach 2.3% next year. 

Meanwhile for the global economy, the IMF kept its forecast unchanged at 3.1% for 2016, while growth in 2017 is expected to rise to 3.4%.

The IMF now predicts oil prices to average around $43/barrel in 2016 and $50.60 in 2017.