In a joint press conference with World Bank Group President David Malpass, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that they cannot afford inflation to become a 'runaway train,' as reported by Reuters.

Gerogieve further noted that they were seeing a significant problem in China due to the housing market dragging down growth.

Meanwhile, Malpass noted that there was a risk and a real danger of a global recession next year. "Development efforts are facing a crisis amid a vast array of problems," he added.

Market reaction

THese comments don't seem to be having a significant impact on risk mood. As of writing, the S&P Futures were virtually unchanged on the day.