LONDON, Nov 2 Reuters The pace and scale of rate hikes delivered by central banks around the globe in October slowed down dramatically following September39;s historic peak.

Central banks overseeing four of the 10 most heavily traded currencies delivered 200 basis points of rate hikes between them last month, while the remaining ones held rates. Policy makers at the European Central Bank, the Reserve Bank of Australia, the Reserve Bank of New Zealand and the Bank of Canada raised lending rates.

By comparison, eight of the same 10 central banks raised rates by a combined total of 550 bps in September, the fastest pace of tightening in at least two decades.

The latest moves have brought total rate hikes in 2022 from G10 central banks to 2,050 bps.

The pace of central bank tightening has likely peaked, said Marko Kolanovic at JPMorgan in a note to clients.

More dovish rhetoric from the ECB, BoC, Fed and RBA recently indicate the pace of central bank tightening is likely to slow in the coming months, though it is early to assess whether this means a lower terminal rate.

Markets had recently taken heart from indications that rate hikes from major central banks especially the U.S. Federal Reserve were slowing down.

However, any optimism on that front might be premature, said Jean Boivin, head of the BlackRock Investment Institute.

We see central banks on a path to overtighten policy, said Boivin on Monday in a weekly outlook note from the world39;s largest asset…