Such unbridled military competition meant groups had to organize themselves as hierarchical military units, with rulers having unlimited powers. When eventually a group was victorious over the others, it  2  BIS central bankers’ speeches  was natural for it to impose centralized autocratic rule to ensure that chaos did not remerge.
So far, the Fed has conducted two 75 basis-point hikes, placing the Fed funds target range between 2.25% and 2.5%. It has also started to reduce its balance sheet. The ECB, in turn, announced in June its intention to raise interest rates in two instalments, first in July and again in September.