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Markets

Central banks

The rate each of the seven main central banks sets, read from the bank’s own statistics, every change they made in the past five years, and when the Fed decides next.

Each bank is read on its own; a bank that does not answer leaves only its own row blank. The Fed decides next on Wed Oct 28, 2026.

Policy rates

Each bank’s own data · read Oct 7, 10:01 PM ET

Federal Reserve

4.00%

+25 bp on Sep 17

Federal funds target range, upper limit · Oct 7

European Central Bank

2.50%

+25 bp on Sep 16

Deposit facility rate · Oct 8

Bank of England

3.75%

−25 bp on Dec 18

Bank Rate · Oct 6

Bank of Japan

1.23%

+25 bp on Sep 24

Call rate · Oct 6

Bank of Canada

2.25%

−25 bp on Oct 30

Target for the overnight rate · Oct 6

Swiss National Bank

0.00%

−25 bp on Jun 20

SNB policy rate · Oct 2

Reserve Bank of Australia

4.60%

+25 bp on Sep 30

Cash rate target · Oct 7

The seven rates

Level, the last change, and how much each bank moved in the past year
BankRate %Last changePast year
Federal ReserveFederal funds target range, upper limit4.00+25 bpSep 17, 2026−25 bp3 changes
European Central BankDeposit facility rate2.50+25 bpSep 16, 2026+50 bp2 changes
Bank of EnglandBank Rate3.75−25 bpDec 18, 2025−25 bp1 change
Bank of JapanUncollateralised overnight call rate (average)1.23+25 bpSep 24, 2026+75 bp3 changes
Bank of CanadaTarget for the overnight rate2.25−25 bpOct 30, 2025−25 bp1 change
Swiss National BankSNB policy rate0.00−25 bpJun 20, 20250 bp0 changes
Reserve Bank of AustraliaCash rate target4.60+25 bpSep 30, 2026+100 bp4 changes

The Bank of Japan steers the overnight call rate inside a target it states in words; the page shows the call rate itself and counts a move of 10 bp or more as a change. The Fed row is the top of its target range.

  • Federal Reserve
  • European Central Bank
  • Bank of England
  • Bank of Japan

Every change in the past year

Newest first, dated by the first day the new rate applied
EffectiveBankFrom %To %Change
Sep 30, 2026Reserve Bank of Australia4.354.60+25 bp
Sep 24, 2026Bank of Japan0.981.23+25 bp
Sep 17, 2026Federal Reserve3.754.00+25 bp
Sep 16, 2026European Central Bank2.252.50+25 bp
Jun 17, 2026Bank of Japan0.730.98+25 bp
Jun 17, 2026European Central Bank2.002.25+25 bp
May 6, 2026Reserve Bank of Australia4.104.35+25 bp
Mar 18, 2026Reserve Bank of Australia3.854.10+25 bp
Feb 4, 2026Reserve Bank of Australia3.603.85+25 bp
Dec 22, 2025Bank of Japan0.480.73+25 bp
Dec 18, 2025Bank of England4.003.75−25 bp
Dec 11, 2025Federal Reserve4.003.75−25 bp
Oct 30, 2025Bank of Canada2.502.25−25 bp
Oct 30, 2025Federal Reserve4.254.00−25 bp

Where overnight dollars trade inside the Fed’s range: Cash & funding. What the Treasury curve prices for the Fed: Rates.

Sources

Each bank’s own data, and when it was read
Central banks — Markets · ARCANE