🏦🔺G10 Central Bank Cumulative Tightening

• Tracking G10 central bank moves in key policy rates since last year. With Norges Bank and RBNZ being the first to move, they track 175bps and 275bps, respectively

• The Fed is tracking 225bps of tightening since the campaign started, the OIS market is still pricing more than 100bps of increase by year-end

• The ECB now tops our implied rates ranking as is one of the last central banks to start moving policy, both ECB and SNB bottom the chart at 50bps