Norway has become the first advanced economy to deliver a post-crisis interest rate hike, and the Bank of England may be next, adding thrust to this week’s hawkish tilt by the major central banks, including the US Federal Reserve.

The Norges Bank lifted interest rates by 25 basis points from their historic low of zero, and revealed a slightly more aggressive policy path ahead. The central bank flagged December this year as the timing of its next hike, with the Norwegian cash rate hitting 1.25 by the end of next year.