IMF asks US Federal Reserve to delay rate rise

In an unusual move, the International Monetary Fund has urged the US central bank to delay any rise in interest rates until 2016.

The IMF said the Federal Reserve should wait until policymakers see greater signs of wage and price inflation.

Many Washington watchers predict an interest rate rise this year.

But recent economic reports have been mixed, including data showing that the US economy shrank an annualised 0.7% in the first quarter.