World’s Central Banks Race to Raise Rates After Fed Increase

LONDON—Central banks around the world responded to the Federal Reserve’s aggressive rate increases with a flurry of their own moves aimed at fighting the effects of a soaring dollar and rising inflation.

Many raised rates by larger-than-expected margins in a day that analysts at ING had billed as “Super Thursday.” Even some countries that didn’t move rates took other action to ease the growing inflation pressure.