New tightening cycle beginning?

The chart shows different measures of Central Bank discount rates (= cash rates/bank rates/Fed Funds rate). The green line is the GDP-weighted average. It would be biased towards countries with a high percentage of world GDP, such as the US, Europe, Japan, the UK, etc. It covers countries which make up 83% of world GDP. The blue line shows the median discount rate for all the countries I monitor.…