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LONDON, Nov 1 - Central banks across major developed economies in September delivered no rate hikes for the first time since January 2022 while emerging markets extended their split between easing in Latin America and much of central Europe and tightening in Asia.
That compares to September, where three major developed central banks delivered a last-gasp set of rate hikes, which took 2023 the year-to-date tally for G10 central banks to a total of 1,150 bps across 36 hikes. The U.S. Federal Reserve - which will announce its interest rate decision later on Wednesday - was most likely the closest to the end of its rate hike cycle, Fedeli added.
"Cuts are returning swiftly because the hiking cycle was arguably too fast and too furious for some," said credit strategist Barnaby Martin at BofA Securities, adding emerging markets had last seen rate cuts akin to the current ones during the summer of 2020 when policy makers battled the fallout from the COVID-19 rout.
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