G10 central banks hit rate plateau in October, emerging markets diverge
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Central banks across major developed economies in September delivered no rate hikes for the first time since January 2022 while emerging markets extended their split between easing in Latin America and much of central Europe and tightening in Asia.
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01 Nov 2023
October saw five of the central banks overseeing the 10 most heavily traded currencies hold rate setting meetings, with policy makers at the Bank of Japan, the European Central Bank, the Reserve Bank of Australia, the Reserve Bank of New Zealand and the Bank of Canada opting to keep their benchmarks unchanged, Reuters data showed.
Central banks in Sweden, Switzerland, Norway, Great Britain and the United States held no rate setting meetings.
That compares to September, where three major developed central banks delivered a last-gasp set of rate hikes, which took 2023 the year-to-date tally for G10 central banks to a total of 1,150 bps across 36 hikes.
While inflation was still high compared to central banks’ targets, a rapid recent rise in global bond rout had changed the backdrop significantly thanks to
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