This page explores the global monetary policy. The chart on the left shows the expected direction of monetary policy for the four major developed market central banks. Global central banks are winding down their balance sheets after considerable expansion in response to the pandemic. The right-hand chart shows the cumulative progress on monetary policy tightening from the four major developed market central banks so far, as well as masket expectations for further rate increases as reflected in OIS spreads. As central banks look to combat global inflation, global interest rates have risen significantly since 2021.