1/ Australia
The Reserve Bank of Australia has hiked interest rates three times this year to 4.35%, entirely undoing last year’s cuts.
The door to another hike looks firmly open, especially after a hot July inflation print. The central bank’s deputy governor said policymakers would debate the case for a hike at their meeting later this month.
Markets are broadly expecting the central bank to hike rates then.
2/ Norway
Norway has one of the highest rates in the G10 and is likely nearing the end of its hiking cycle. Norges Bank, which meets on September 24, left rates unchanged at 4.25% in August and noted that inflation had softened.
The economy meanwhile grew at a slower pace than economists had expected in the second quarter, at just 0.3%, while markets price in one more quarter-point hike by year-end.
3/ Britain
The Bank of England on Thursday kept rates steady, as expected, at 3.75%. Three of the rate setters voted for a hike - he same number as at the central bank’s previous meeting.
But policymakers also sounded the alarm on inflation, with Governor Andrew Bailey warning that prolonged conflict in the Middle East may require tighter policy.
Markets were last pricing in at least one rate hike from the BoE this year, with a chance of another.
4/ United States
The Fed raised rates and flagged more hikes, in a move that soothed concerns about the central bank's independence in the face of President Donald Trump's demands for lower rates.
Without that clear signal, investors may have questioned whether a Kevin Warsh-led Fed would remain committed to taming inflation, potentially weighing on U.S. assets.
However, while policymakers project one more rate hike in 2026 and a hold in 2027, traders are pricing in more than one increase this year and roughly three moves by the end of 2027.
5/ New Zealand
The Reserve Bank of New Zealand hiked rates for the second consecutive meeting to 2.75% earlier this month, as expected. But it also hinted that more tightening would likely be measured as risks to the economic outlook grow.
The latest economic growth data meanwhile came in above expectations, signalling resilience. Markets are pricing in at least one more hike by year-end.
6/ Euro zone
The European Central Bank raised rates for the second time this year earlier this month, and struck a hawkish tone as energy prices rise.
Markets price in at least one further hike by year-end and a deposit rate above 3% in 2027. But some economists expect the energy shock to weigh on economic growth and help curb inflationary pressures into next year.
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