This page explores global monetary policy. The chart on the left shows the expected direction of monetary policy of the four major developed market central banks. The Fed is not the only central bank tightening conditions, as the other major global central banks are also winding down their balance sheets. The right-hand chart shows the number of rate hikes delivered by the major four developed market central banks in 2022 as well as the expected path of rates priced in by markets for the next few years. As central banks look to combat global inflation, markets expect further tightening in 2023 but for looser policies to follow.