Brazilian markets rallied on Thursday as the central bank’s unanimous decision to raise interest rates — and a statement viewed as hawkish — signaled its commitment to getting inflation back to target.

With inflation subsiding, the European Central Bank is cutting its benchmark interest rate to prop up tepid growth with lower borrowing costs for companies and home buyers.

Taiwan’s central bank held rates steady with a watchful eye on inflation, declining to join the Federal Reserve and a growing number of its Asian counterparts in starting to ease monetary policy.

Profound shifts in the world economy could make inflation volatile for years to come, complicating efforts to control prices, but sticking with inflation-targeting regimes is still the best option, European Central Bank President Christine Lagarde said on Friday.

The ECB is expected to trim borrowing costs as its focus shifts from damping inflation to supporting the bloc’s faltering economy.

Russia’s central bank has raised its key interest rate by a full percentage point to 19% to combat high inflation as government spending on the military strains the economy’s capacity to produce goods and services and drives up workers’ wages.

Canadian inflation matched the central bank’s target last month for the first time in more than three years, smoothing the road for further cuts in interest rates.

Russia's central bank unexpectedly raised its benchmark interest rate by 100 basis points to 19% on Friday, saying that inflation remained stubbornly high and action was needed to reduce it. A Reuters

Russia's central bank on Friday raised interest rates to 19 percent amid the country's ongoing Ukraine offensive, warning inflation was running too high and it needed to cool the economy.