The hawks in the world’s central banks have been raising interest rates at a record pace not seen in decades. Since August, the top 20 central banks have raised rates by a total of 11 percentage points.
The Bank of Japan (BoJ) is an exception, having not raised interest rates since 2007 and is not expected to raise rates. Meanwhile, Russia and Turkey cut interest rates.
The Fed, ECB, BoE and BoC alone raised rates by a total of 5.5 percentage points during this time period. Each of these banks raised interest rates by 75 basis points (bps) at least once.