World Bank Economist Warns Fed Hike Could Harm Emerging Economies

``The Federal Reserve should hold off raising rates at its policy-setting meeting later this month until global economies are stronger, Kaushik Basu, chief economist at the World Bank, said in a newspaper interview published Tuesday. An increase in rates at the Fed's meeting next week would risk creating "panic and turmoil" in emerging markets, and would lead to "fear capital" leaving those nations along with swings in their currencies, Mr. Basu told the Financial Times.''