BOJ joins a rate-hike party that other big central banks have left

LONDON - Global interest rates are in flux. The Bank of Japan, a holdout dove as central banks across the developed world raised borrowing costs from late 2021, finally called time on its easy money era on Tuesday.

But the mood could shift before the RBNZ's next rate decision in April. Finance minister Nicola Willis warned last week that economic growth in coming years will be "significantly slower" than previously expected. High interest rates have already dampened economic activity.The Bank of England is one to watch. Traders, swaps markets and positioning data broadly expect it to ease rates later than the Fed and the ECB.

Markets are pricing 84 bps of cuts this year, with a 57% probability of the first cut coming in June, an outlook some ECB policymakers appear aligned with.

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