Global central banks largely left interest rates unchanged in October after an active September, but policymakers and analysts indicated that persistent inflation meant the tightening cycle was not necessarily finished. Canada was the only central bank among those overseeing the 10 most heavily traded currencies to raise rates, while the Federal Reserve, European Central Bank, New Zealand and Japan held steady. G10 central banks delivered 350 basis points of tightening through 14 hikes this year, with no rate cuts. The pause followed six G10 central banks delivering a combined 150 basis points of increases in September, the largest monthly tightening push since June 2023. Rising oil prices, including double-digit gains in Brent crude futures in both September and October, added to concerns about renewed inflation. Emerging markets also saw a slower pace of policy changes: the Philippines and India raised rates by a combined 75 basis points, 10 other central banks held rates, and Turkey cut rates by 100 basis points after an eight-month break. Across the Reuters sample of 18 developing economies, year-to-date tightening totaled 675 basis points through 16 hikes, while easing totaled 850 basis points through 25 cuts.