Slowdown to prompt early end to tightening cycle

Economic growth in most countries looks set to slow sharply next year as weaker exports and higher interest rates weigh on activity. With price pressures starting to ease, we expect central banks to begin to shift their focus from containing inflation to supporting demand. We think most tightening cycles will come to an end around the turn of the year, and expect some central banks to start cutting interest rates before the end of 2023.