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  • A few central banks have started raising rates as inflation rises and the effects of COVID ease.
  • UBS Global Wealth Management says those banks will proceed at very different paces.
  • Investment chief Mark Haefele says that will create opportunities for currency market investors.

US investors are watching and waiting for hints that the Federal Reserve is about to hit “liftoff,” the insider-y term for the first of a series of interest rate hikes. But UBS is warning investors not to ignore the launches that have already started.

Barely a year and a half after the pandemic pushed central banks around the world to slash interest rates, a few countries have already raised their interest rates. The short list includes Iceland, New Zealand, South Korea, and Norway. There are signs the Bank of England will soon follow.

Mark Haefele, chief investment officer of UBS Global Wealth Management, says the banks are proceeding in groups.

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