"Yesterday, the Bank of Canada surprised with a downshift from 75bps to 50bp. They are not alone. Given the sheer volume of rate hikes from around the world lately, it might have been easy to miss some signs that global central bank hawkishness could be nearing a peak. The central banks that were among the earliest to hike a year ago are now signaling they may be done. The central bank of Brazil, one of the largest emerging-market countries, signaled rate hikes ended in August and confirmed it with no move at their September meeting. And the National bank of Poland, the largest emerging market economy in Europe surprised with a halt last month. Norway, the first among G10 central banks to hike policy rates one year ago, signaled it may be close to its final rate hike after a 50bp hike last month. Australia surprised with a dialed back rate hike of 25bps in October. We may be at or near peak hawkishness by global central banks—that could be welcome news for stocks," says Jeffrey Kleintop.