For most emerging market central banks, the only way is up By Reuters –

© Reuters. FILE PHOTO: FILE PHOTO: Brazilian Real and U.S. dollar notes are pictured at a currency exchange office in Rio de Janeiro, Brazil, in this September 10, 2015 photo illustration.

REUTERS/Ricardo Moraes

By Marc Jones

LONDON (Reuters) – While top central banks such as the Federal Reserve, the ECB and the Bank of Japan may be sitting on their hands as inflation rises, many of their peers in the big developing economies aren’t taking any chances.

Brazil and Russia have already raised interest rates three times this year. China had been in tightening mode until a wobble this month, while Mexico, the Czech Republic and Hungary have all just made their first moves in years. And it looks like just the start.

Despite this week’s global market squalls, a daily JPMorgan (NYSE:) reading of financial pricing shows the 18 top emerging markets are expected to deliver the equivalent of 73 standard-sized, 25-basis-point interest rate hikes over the next 12 months, and more...