Central banks are turning back to rate rises as oil-led inflation bites

Banking & FinanceCities & Real EstateWork & TalentNorth America · Europe · Japan

What changed

On 28 October the Bank of Canada raised its rate to 2.50% from 2.25%, its first rise since July 2023.
The same day the Fed held at 3.75% to 4% on a 10-2 vote. Governors Cook and Hammack voted for a rise.
On 30 October the Bank of Japan held at about 1.25% on an 8-1 vote, with one member proposing 1.5%. From January it will more than double its ETF sales.
The ECB held its deposit rate at 2.50% on 29 October, after raising it in September. The Bank of England is expected to raise to 4% on 5 November, with UK inflation at 3.5%.

Canada was the one to hike: policy rates after the week of 28 October

BNN Bloomberg, Admiral Markets, Bank of Japan, 28–30 Oct 2026

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