The global economy is shifting towards higher interest rates for longer periods, with borrowing costs set for seven of the world’s 10 most-traded currencies.

The European Central Bank must decide whether to raise rates or wait, with economists divided on the outcome.

Money markets expect a 10th consecutive increase to 4% at 45%, down from 60% last month.

Financial markets must be convinced that policy tightness will be maintained to manage prices even as economic growth slows.