As noted last year, we are experiencing “perhaps the most interesting phase for global monetary policy in living memory,” and policy meetings so far this year have reaffirmed this sentiment.

Indeed, the year has begun with hawkish shifts by key central banks, with the fight against inflation now common to all but the Bank of Japan. Here’s what we have learnt so far this year:

Federal Reserve. The Fed’s January meeting “decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March” meaning that increases to the federal funds rate can begin as soon as next month. This confirms the policy shift that begin in the final quarter of last year.