Global rate hike cycle accelerates with 45% of major central banks raising rates in past 6 months, signaling return of 'higher for longer' monetary policy.
Macro & Markets ·
A global rate hike cycle has accelerated, with 15 of 33 major central banks raising interest rates in the past 6 months—45% of the group and the largest proportion since 2023. The current pace approaches the roughly 55% recorded in 2018 and 2011, though it remains well below the approximately 95% peak in 2022. In total, 54 central banks have implemented rate increases during 2026, and for the first time since September 2023, more central banks have hiked rates than cut them over a rolling 3-month period, marking a return to "higher for longer" monetary conditions.