Interest rates hikes globally slowed down in April due to consistent inflation and sluggish growth prospects. In March, six interest rate hikes took place compared to two in April in five meetings by central banks over the 10 heavily traded currencies. Policy makers in Canada, Japan, and Australia held fire, while New Zealand and Sweden carried out 100 basis points (bps) in rate hikes. The emerging market tightening cycle also reduced, with only two central banks out of 18 Reuters-sample central banks hiking. Uruguay’s central bank cut its benchmark interest rate by 25 basis points, pivoting emerging markets towards rate cuts.