Central banks overseeing six of the 10 most heavily traded currencies delivered 350 basis points (bps) of rate hikes between them last month.
The U.S. Federal Reserve, the Bank of England, the Reserve Bank of Australia, Norway’s Norges Bank, Sweden’s Riksbank and the Reserve Bank of New Zealand all raised interest rates in November.
The latest moves have brought total rate hikes in 2022 from G10 central banks to 2,400 bps. Eight out of 18 central banks delivered a total 400 bps of rate hikes in November – up from 325 bps in October, but some way off the 800-plus bps monthly tallies in both June and July.
Emerging market central banks have raised interest rates by a total of 7,165 bps year-to-date, more than double the 2,745 bps for the whole of 2021, calculations show.
Reuters