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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 Dec 9, 2026.

Policy rates

Each bank’s own data · read Nov 10, 11:45 AM ET

Federal Reserve

4.00%

+25 bp on Sep 17

Federal funds target range, upper limit · Nov 10

European Central Bank

2.50%

+25 bp on Sep 16

Deposit facility rate · Nov 10

Bank of England

4.00%

+25 bp on Nov 5

Bank Rate · Nov 9

Bank of Japan

1.23%

+25 bp on Sep 24

Call rate · Nov 6

Bank of Canada

2.50%

+25 bp on Oct 29

Target for the overnight rate · Nov 9

Swiss National Bank

0.00%

−25 bp on Jun 20

SNB policy rate · Nov 6

Reserve Bank of Australia

4.85%

+25 bp on Nov 4

Cash rate target · Nov 9

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, 20260 bp2 changes
European Central BankDeposit facility rate2.50+25 bpSep 16, 2026+50 bp2 changes
Bank of EnglandBank Rate4.00+25 bpNov 5, 20260 bp2 changes
Bank of JapanUncollateralised overnight call rate (average)1.23+25 bpSep 24, 2026+75 bp3 changes
Bank of CanadaTarget for the overnight rate2.50+25 bpOct 29, 2026+25 bp1 change
Swiss National BankSNB policy rate0.00−25 bpJun 20, 20250 bp0 changes
Reserve Bank of AustraliaCash rate target4.85+25 bpNov 4, 2026+125 bp5 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
Nov 5, 2026Bank of England3.754.00+25 bp
Nov 4, 2026Reserve Bank of Australia4.604.85+25 bp
Oct 29, 2026Bank of Canada2.252.50+25 bp
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

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

Open Calls

Dated forecasts on this subject, scored in public when they resolve

Every Call and how it resolved: Track record.

ARCANE reporting

Published investigations, newest first
Federal Reserve Governor Christopher Waller speaks at a Council on Foreign Relations event.

Against Interest

Waller leans toward a December rate rise even if inflation eases

Investors in bond and stock funds face uncertainty over the Fed’s December decision as officials await more inflation data.

rates · Nov 10, 2026

A high-rise tower under construction with cranes beside a river, likely the European Central Bank headquarters in Frankfurt.

Who Pays

Knot and De Cos are the only ECB candidates

If Knot is chosen, a Dutch member of the ECB board would have to resign.

rates · Nov 8, 2026

The U.S. Treasury Department building in Washington, D.C., with columns and a statue in front.

The Numbers Disagree

Strong jobs data pushes Treasury yields higher

Higher Treasury yields put pressure on bond holders and stock buyers as investors consider another Federal Reserve rate increase.

Rates · Nov 7, 2026

A gold bar rests on a blue surface.

The Numbers Disagree

Central banks accelerate gold buying as jewellery demand weakens

The World Gold Council expects official purchases to match last year as jewellery demand weakens and gold-backed fund holdings reach a record.

consumer-health-financials · Nov 4, 2026

Sources

Each bank’s own data, and when it was read