Central banks around the world are trying to end inflation

Just when everyone thought that interest rates had peaked, major central banks around the world began a phase of monetary tightening in hopes of ending the stubborn inflation.

On Thursday, the Bank of England raised its benchmark rates by half a percentage point to their highest level in 15 years.

So far, apart from the US, eight developing economies have jacked up rates by a combined 3,740 basis points (bps) in this cycle.

Recently, the central banks of Australia, Canada, Norway, Switzerland and the European Central Bank hiked interest rates.

We are not far behind
Fed Chair Jerome Powell told a House Committee Wednesday that most officials expect further interest rate hikes this year.