The global rate hike cycle is here. 15 of the 33 major central banks, or 45%, have raised interest rates over the last 6 months, the largest proportion since 2023. This figure is now approaching the ~55%, recorded in 2018 and 2011. By comparison, the proportion peaked at ~95%

The global rate hike cycle is here. 15 of the 33 major central banks, or 45%, have raised interest rates over the last 6 months, the largest proportion since 2023. This figure is now approaching the ~55%, recorded in 2018 and 2011. By comparison, the proportion peaked at ~95% in 2022, following post-pandemic stimulus and the resulting surge in global inflation. In total, 54 central banks have hiked rates so far in 2026. This also marks the first time since September 2023 that more central banks have hiked than cut rates over a rolling 3-month period. "Higher for longer" is back.