Central banks across the world are normalising the extraordinary policies they were forced to implement when the pandemic hit back in 2020. The shift is happening as a result of both a notable global economic recovery and an (almost awkward) scenario of increase in prices. Hence, both the Federal Reserve and the European Central Bank are adopting a more hawkish posture and pointing at sharper interest rate hikes than expected just a few weeks ago. The report is accompanied by an audio summary by Ignacio de la Torre (Spanish version only)