The pace and scale of rate hikes delivered by central banks in November picked up speed again as policy makers around the globe battle decade high inflation.
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.
"Interest rates will continue to rise," said Alexandra Dimitrijvic at S&P Global Ratings, looking ahead to 2023. "Central banks' determination to bring down inflation suggests that policy rates need to go higher still."
in recent weeks as investors try to gauge how fast and how far the U.S. Federal Reserve and other major central banks are set to raise rates to combat inflationary pressures, while fears over a slowdown in global growth are spreading.
Some nascent signs that inflation could be slowing in the United States have brought cheer to markets in recent days, with Fed officials scheduled to meet on Dec. 13 and 14.
On Wednesday, Fed Chair Jerome Powell said the U.S. central bank could scale back the pace of its rate increases "as soon as December".
Data from emerging market central banks showed a similar pattern. 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.
