Goodbye Easy Money as Hawkish Central Banks Speed Up Rate Hikes
Two years after the pandemic sent the global economy into a deep but short recession, central bankers are withdrawing their emergency support – and they’re moving faster than they or most investors had foreseen.
The U.S. Federal Reserve is preparing to raise interest rates in March, and last Friday’s jobs report fueled speculation it may need to move aggressively.
The Bank of England just delivered back-to-back hikes, and some of its officials wanted to act even more forcefully.
The Bank of Canada is set for liftoff next month.
Even the European Central Bank may get in on the action later this year.