Major central bank interest rates moves were off to a tepid start in January with a single hike by Canada but the pace will speed up again in February with policy makers in the U.S., Britain and the euro zone out of the starting blocks already.
Policy rate hikes and cuts by central banks overseeing the 10 most traded currencies.
"Central banks aggressively hiked interest rates last year as inflation in many countries rose to the highest levels in decades," Tobias Adrian at the International Monetary Fund said"Now, falling energy prices are reducing headline inflation and fuelling optimism that monetary policy may be eased later this year."
Across emerging markets, six out of 18 central banks delivered a total of 225 bps of hikes in January. Indonesia, Korea, South Africa, Thailand, Israel and Colombia all lifted benchmarks.The January moves compare with five central banks hiking by 260 bps in December. With year-on-year inflation readings declining further, the prospect of Fed rate hikes and the U.S. dollar calming down as well as energy and food prices deflation appearing in the first half of the year, pressure should ease on central banks in developing economies, Simon Quijano-Evans, chief economist Gemcorp Capital Management Limited, said.
"As we move through 2023, non-U.S. dollar central banks including most in emerging markets should become happier," he added.
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