Major central banks are moving toward tighter policy, with the Federal Reserve recalibrating to a more restrictive stance on Wednesday while traders price a more aggressive path than the U.S. central bank’s dot plot (official interest-rate projections). Economists say markets are overpricing future increases as fears grow that an oil shock could worsen after Houthis seized a strategic stretch of Red Sea coastline, signaling a more assertive stance by the Iran-backed militia. Across the G10 (Group of 10 developed economies), Australia has the highest policy rate at 4.35%, followed by Norway at 4.25% and Britain at 3.75%. Australia, Norway, Britain, the United States, New Zealand, the euro zone and Canada all face expectations of further tightening, although Sweden, Japan and Switzerland have more varied outlooks. Japan is expected to raise rates to 1.25%, while Switzerland is expected to keep its rate at 0%.