7
0%
1%
2%
3%
4%
5%
6%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
The zero-interest rate environment ended with rapid interest rate increases across the world
Context Setting Technology Policy &Regulatory Geopolitics Climate Market
4.8%
4.4%
3.0%
Major central bank interest rates, 2008-2025
Source(s): S&P Statista
Note(s): 1. Zero interest rate policy
ZIRP1 begins as central banks cut
rates to near-zero following the 2008
global financial crisis
Rates increased to
control inflation, prevent
bubbles, and restore
policy flexibility
Hikes stopped as growth
slowed, inflation stayed
low, and recession risks
rose
Rates cut to
near-zero in
response to
COVID-19
ZIRP ends as central
banks hike rates to fight
inflation
Banks cut rates to
counter slowing growth,
stagflation risks, and high
borrowing costs
The fastest interest rate
escalation in history,
rates rose 5.25 p.p. in 16
months
0%
1%
2%
3%
4%
5%
6%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
The zero-interest rate environment ended with rapid interest rate increases across the world
Context Setting Technology Policy &Regulatory Geopolitics Climate Market
4.8%
4.4%
3.0%
Major central bank interest rates, 2008-2025
Source(s): S&P Statista
Note(s): 1. Zero interest rate policy
ZIRP1 begins as central banks cut
rates to near-zero following the 2008
global financial crisis
Rates increased to
control inflation, prevent
bubbles, and restore
policy flexibility
Hikes stopped as growth
slowed, inflation stayed
low, and recession risks
rose
Rates cut to
near-zero in
response to
COVID-19
ZIRP ends as central
banks hike rates to fight
inflation
Banks cut rates to
counter slowing growth,
stagflation risks, and high
borrowing costs
The fastest interest rate
escalation in history,
rates rose 5.25 p.p. in 16
months
