Banks indicating policy will need to be kept tight for a long time to return inflation to target

British economy underperforming due to ongoing negative impact of Brexit, anaemic labour force growth and declining inward migration from the EU

Is the soft landing for the US economy, that even the US Federal Reserve had doubts could be achieved, coming into view? US Treasury Secretary Janet Yellen seems to think so: She said last week she sees a path for the US economy to avoid recession, ...

Risks remain, though. The IMF notes an escalation of the war in Ukraine remains a major source of vulnerability, particularly for Europe and lower-income countries

Given the bleak UK economic outlook, though, the Bank of England seems the most likely of the three central banks not to extend its rate hiking cycle into the second quarter

The World Bank, in its latest Global Economic Prospects report released earlier this month, warned that the global economy is perilously close to falling into recession this year.

Headline rates already declining after hitting 40-year highs

Central banks are far from finished their programme of rate hikes

Central banks are clear they will stay the course and do what is required to get inflation back down to target

Given the weak economic outlook, interest rates would be expected to be much lower than markets are predicting if inflation has been vanquished in two years’ time