The world's major central banks delivered in June the biggest number of monthly interest rate hikes year-to-date, surprising markets and flagging more tightening ahead as policy makers grapple to get the upper hand in their battle against inflation.
also tightened policy, taking the total monthly tally of hikes to 225 basis points last month. May had seen six rate hikes across six meetings."While some central banks are seeing initial progress toward lower inflation, central bankers overall continue to face a tough balancing act," said Tiffany Wilding, economist at PIMCO.
"Without fiscal policy ready to save the day, we see a more uncertain growth environment with downside risks building over the cyclical horizon." The latest G10 moves bring the total 2023 rate hike tally among G10 central banks to 950 bps across 28 hikes. Looking at moves since Norway kicked off the rate hiking cycle in September 2021, major central banks have hiked interest rates so far by 3,765 bps.While the U.S. Federal Reserve's pause at its June meeting did not come as a surprise, the"We believe central banks have more work to do," said Vanguard analysts in their mid-year outlook.
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