Last year’s easing of global financial conditions could threaten global growth in the medium term, two senior International Monetary Fund officials warn.

While the largest combined number of rate cuts since the 2008 financial crisis helped contain downside risks to growth, they drove a concerning build-up of financial vulnerabilities, warn Tobias Adrian and Fabio Natalucci, the director and deputy director of the monetary and capital markets department.

The late-cycle easing helped risky