Officials in some countries started cutting rates last year, but others, including those in Europe and the United States, have taken a more cautious approach.

Taiwan’s central bank held rates steady with a watchful eye on inflation, declining to join the Federal Reserve and a growing number of its Asian counterparts in starting to ease monetary policy.

Russia’s central bank has raised its key interest rate by a full percentage point to 19% to combat high inflation as government spending on the military strains the economy’s capacity to produce goods

Brazilian markets rallied on Thursday as the central bank’s unanimous decision to raise interest rates — and a statement viewed as hawkish — signaled its commitment to getting inflation back to target.

Russia's central bank unexpectedly raised its benchmark interest rate by 100 basis points to 19% on Friday, saying that inflation remained stubbornly high and action was needed to reduce it.

With inflation subsiding, the European Central Bank is cutting its benchmark interest rate to prop up tepid growth with lower borrowing costs for companies and home buyers.

Canadian inflation matched the central bank’s target last month for the first time in more than three years, smoothing the road for further cuts in interest rates.

Russia's central bank on Friday raised interest rates to 19 percent amid the country's ongoing Ukraine offensive, warning inflation was running too high and it needed to cool the economy.