Live Updates > Live Update Details
2026-11-04 19:16:26
[Global Central Banks Pause Rate Hikes in October, Tightening Cycle Not Yet Over] ⑴ Following a flurry of rate hikes in September, major central banks worldwide generally halted rate increases in October. Among the G10 economies, only the Bank of Canada raised rates, while the Federal Reserve, the European Central Bank, the Bank of New Zealand, and the Bank of Japan maintained their rates. Switzerland, Australia, Sweden, Norway, and the UK did not hold policy meetings this month. ⑵ This year, G10 central banks have completed 15 rate hikes, tightening by a total of 370 basis points, without any rate cuts. Market institutions believe this pause is merely a temporary adjustment and does not signify the complete end of the rate hike cycle. ⑶ September was the peak of this tightening cycle, with six G10 central banks simultaneously raising rates, totaling 170 basis points, marking the largest monthly rate hike since June 2023. ⑷ The core reason for this pause in rate hikes was the surge in oil prices. Brent crude futures rose by more than 11% for two consecutive months in September and October, raising the risk of a rebound in inflation and making central banks hesitant to easily end their tightening policies. (5) Emerging markets have also entered a policy lull. Among the 18 developing economies, the central banks of the Philippines and India raised interest rates by a combined 80 basis points; another 10 central banks kept interest rates unchanged; Turkey ended its eight-month wait-and-see approach and resumed interest rate cuts, lowering its benchmark interest rate by 120 basis points in one go.
