World Bank President David Malpass looks on during a press conference at the World Bank office in New Delhi, India, on Oct. 26, 2019. Sajjad Hussain/AFP via Getty Images
Former World Bank President David Malpass criticized the U.S. Federal Reserve for keeping its benchmark interest rate elevated, during a July 2 interview with CNBC.
The Fed began raising rates from near zero in 2022 in a bid to rein in inflation. They peaked at 5.5 percent in 2023. The central bank then cut rates multiple times last year, bringing them down to a range of 4.25 to 4.5 percent.
