Global central banks kept raising interest rates to bring down persistently-high inflation, according to reports. A majority of the top global central banks are over two-thirds of the way to the expected terminal interest rate, but with inflation still much higher than their mandates, the risk is that rate expectations are too low. After being late to call the inflation problem, global central banks have spent most of this year frontloading rate hikes to catch up. Most economists and central banks are of the view there will be little work left to do next year. A survey showed that of the 22 central banks, only six were expected to hit their inflation targets by the end of next year. That was below from the previous survey where two-thirds of 18 were expected to hit their respective targets by then.
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