T. Rowe Price’s Thomas Poullaouec commented on the Federal Reserve’s tenth consecutive rate hike, saying that while central banks are getting close to their terminal rates, tight labor markets are still putting upward pressure on inflation and it will take six to 18 months to see the full impacts of the hikes. In the meantime, Poullaouec expects Central banks to continue to focus on curbing inflation.

So of course they are getting to close to the terminal rate. But it's not over and inflation is still growing due to the tightness in the job market. So bank lending is definitely slowing. We have seen that not only in the US but also in Europe. We have more tightening of credit standards. But what does it mean is that it typically has a 6 to 18 months lag effect to see really Capex slowing because companies are not taking as much risk as they could. So it's inflation first and Capex and the economy slowing perhaps second. So I would expect central banks to continue to focus on inflation before they stop hiking rates.