The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged.

The interest rate was increased to an anticipated 5.25%, the bank's 14th hike in a row. The bank is expected to continue with its policy of hiking the interest rate in the next months to combat inflation.

The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.

The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.

With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. The Fed has been rapidly hiking rates since March of 2022 in a bid to snuff out persistent inflation.

The raise is more modest than the previous 0.75% consecutive increases, which comes as inflation starts to slow in the US. The move comes hours ahead of expected similar decisions in Europe and the UK.

Sweden's Riksbank has kicked off what's expected to be a series of interest rate hikes around the world, as central banks struggle to curb inflation. The 100 basis point hike is Sweden's biggest in three decades, in response to a cost-of-living crisis that's affecting households and businesses.

The Bank of England has warned that Britain is facing a recession as it hiked its benchmark interest rate by 0.5%.

The Fed added 0.75% to its benchmark interest rate for a second straight time. The increase of the interest rate to its highest level in four years comes as inflation continues to reach new heights.

The European Central Bank has left the interest rate unchanged but indicated that it will rise in July — the first hike since 2011. It is also halting a program which ultimately amounts to printing electronic money.

It's been a rollercoaster 24 hours on global stock markets, with huge swings on Wall Street and volatility hitting its highest level since October 2020. Investors are waiting for the decision from the US Federal Reserve on when it will start raising interest rates, but are also concerned about the rising tensions at Ukraine's border. Meanwhile, Bitcoin has slumped as low as $33,000, down over 50 percent from its peak in November. Our Business Editor Stephen Carroll has the details.

Stock markets slumped in Asia on Thursday and European shares started the day's trading in the red, after signals from the US Federal Reserve that it could raise interest rates more than three times in 2022. Fed Chair Jerome Powell said the central bank's policy committee was "of a mind" to start raising rates in March, and that it would be guided by the economic data. FRANCE 24's Business Editor Stephen Carroll looks at market reaction to the announcements.