Major central banks ramped up interest rates at the fastest pace and biggest scale in at least two decades in 2022 as policy makers went all out in the battle to contain surging inflation.
Central banks overseeing the 10 most heavily traded currencies delivered 2,700 basis points of tightening in 54 rate hikes over the past 12 months, Reuters calculations show.
"When you look at the tightening in the U.S. it is basically one of the sharpest ever in the past 20 years," David Hauner, head of emerging markets cross-asset strategy and economics, EMEA at Bank of America Global Research told Reuters. The Reserve Bank of New Zealand and Sweden's Riksbank did not hold rate setting meetings in December.Meanwhile, there was more evidence that the tightening cycle in emerging markets was slowing down.
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