🏦🌐G10 Central Bank Index Rises Into Early November: Cable FX Macro

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• Following a surge in monetary policy tightening in September, G10 central banks largely paused interest rate hikes in October 2026 before resuming selective rate increases in early November amid persistent energy price shocks and lingering inflation. The Bank of Canada was the sole G10 central bank to raise benchmark rates during October, whereas the Federal Reserve, the European Central Bank (which left its deposit rate at 2.50%), the Reserve Bank of New Zealand, and the Bank of Japan chose to keep policy rates on hold. 

• Other G10 peers—including the central banks of the UK, Australia, Switzerland, Sweden, and Norway—did not convene for rate-setting meetings during the month. Re-igniting the tightening push in early November, the Bank of England voted 8–1 to raise its benchmark rate by 25 basis points to 4.00%, citing elevated global energy prices and rising headline inflation. 

• Across the G10, policymakers have stressed that October's lull represented a temporary pause rather than a cycle peak, maintaining hawkish stances and signaling that additional rate hikes remain plausible heading into late 2026 if inflationary pressures persist.