Major central banks are determined to clamp down on red-hot inflation, with Australia and New Zealand delivering further interest rate hikes this week.
A smaller-than-anticipated rate hike in Australia has fuelled talk that global monetary tightening will slow as the growth outlook turns.
For some, the debate is premature with the likes of the U.S. Federal Reserve unlikely to ease up on the brakes until inflation shows clear signs of slowing. Central banks in the 10 big developed economies have raised rates by a combined 2,040 basis points (bps) in this cycle to date, with Japan the holdout "dove."
