Fed, 15 major central banks raise rates as inflation remains elevated

Central banks across the globe are tightening monetary policy as inflation continues to remain above ideal levels and borrowing costs cause ongoing challenges. The Federal Reserve, along with a growing number of central banks, appears determined to keep interest rates higher for longer in a bid to restore price stability, signaling that a quick return to pre-pandemic levels is not likely in the near term. Out of 33 major central banks worldwide, 15 have increased interest rates within the past six months.