**Global Rate Cut Cycle Ends as Central Banks Balance Hikes and Cuts**

In May, 26 central banks hiked rates and 26 cut rates among 52 worldwide, ending two years of more cuts than hikes each month.

The last balance was in early 2021 before three years of restrictive policy. The gap peaked mid-2022, with 28 more hikes than cuts.

Last week, the **European Central Bank** raised rates by **25 basis points to 2.25%**, its first hike since September 2023. On Tuesday, the **Bank of Japan** raised rates by **25 basis points to 1.0%**, the highest since 1995.

These moves signal the start of a global tightening cycle.

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