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Global Rate-Hike Cycle Arrives
Fifteen of the 33 major central banks, or 45%, have raised interest rates in the past six months, the highest proportion since 2023. This figure is now approaching the ~55% recorded in 2018 and 2011. By comparison, the proportion peaked at ~95% in 2022, following post-pandemic stimulus and the subsequent rise in global inflation. In total, 54 central banks have raised rates so far in 2026. This also marks the first time since September 2023 that more central banks have raised rates than cut them over a three-month rolling period. 'Higher for longer' is back.