After almost two years of aggressive monetary tightening, the world’s biggest central banks are taking time out before weighing up their next move.

The Bank of England on Thursday left interest rates at 15-year high, a day after the U.S. Federal Reserve also kept rates unchanged.

Focus in financial markets has shifted to when central banks will start easing policy as economic growth slows and inflation eases.

In total, nine developed economies have raised rates by a combined 3,965 basis points (bps) in a cycle that started in September 2021. Japan is the holdout dove.