🇺🇸 Fed · USD
3.75–4.00%Hold · 28 Oct 2026Next: 9 Dec 2026Sets the federal funds rate, the base for borrowing costs across the world.Official source »Macro Intelligence
Interest Rates
Policy rates, recent decisions and next meetings for the eight major central banks.
Upcoming events
Major releases, next 7 days
High impact
Next 24 hours · – this week
Next event
Policy rates, last two years
From each bank’s recorded decisionsLines step at each recorded decision. Banks with no change in the log are drawn flat at today’s rate.
Policy divergence
vs
- Fed rate
- 3.75–4.00%
- ECB rate
- 2.50%
- Gap (USD − EUR)
- +1.38 pts
- Direction
- Holding vs holding
- Gap a year ago
- +1.38 pts
- Next meetings
- 2026-12-09 · 2026-12-17
AnalysisUSD pays 1.38 points more, which tends to attract money to it. Rate gaps are one driver among many, not a signal on their own.
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Interest Rates
The 8 major central banks: where rates are, which way each bank is leaning, when it meets next, and what happened the moment it decided. Interest rates move currencies more than anything else.
NEXT DECISION🇬🇧 Bank of England · Official Bank Rate
NOW3.75%EXPECTED4.00%DECISIONWaiting
Expected: 4.00%. A surprise either way usually moves GBP pairs, gold and stocks within minutes.Rate board
🇪🇺 ECB · EUR
2.50%Hold · 29 Oct 2026Next: 17 Dec 2026Sets the deposit facility rate for the 20 euro-area countries.Official source »🇬🇧 BoE · GBP
3.75%Hold · 17 Sept 2026Next: 5 Nov 2026Sets Bank Rate for the UK.Official source »🇯🇵 BoJ · JPY
1.25%Hold · 30 Oct 2026Next: 18 Dec 2026Sets the short-term policy rate for Japan.Official source »🇨🇦 BoC · CAD
2.50%Raised 0.25% · 28 Oct 2026Next: 9 Dec 2026Sets the overnight rate for Canada.Official source »🇦🇺 RBA · AUD
4.85%Raised 0.25% · 3 Nov 2026Next: 8 Dec 2026Sets the cash rate for Australia.Official source »🇳🇿 RBNZ · NZD
2.75%Hold · 28 Oct 2026Next: 9 Dec 2026Sets the official cash rate (OCR) for New Zealand.Official source »🇨🇭 SNB · CHF
0.00%Hold · 24 Sept 2026Next: 10 Dec 2026Sets the SNB policy rate for Switzerland.Official source »Rate gaps between currencies
The difference between the two interest rates in a pair. Money tends to flow to the higher-paying currency, which is why big gaps can keep a pair trending for months (the “carry”). It is one force among many, not a signal on its own.
| Pair | Rates | Gap | Pays more |
|---|---|---|---|
| USD/CHF | 3.75–4.00% vs 0.00% | +3.88 pts | 🇺🇸 USD |
| AUD/JPY | 4.85% vs 1.25% | +3.60 pts | 🇦🇺 AUD |
| USD/JPY | 3.75–4.00% vs 1.25% | +2.63 pts | 🇺🇸 USD |
| GBP/JPY | 3.75% vs 1.25% | +2.50 pts | 🇬🇧 GBP |
| EUR/CHF | 2.50% vs 0.00% | +2.50 pts | 🇪🇺 EUR |
| AUD/NZD | 4.85% vs 2.75% | +2.10 pts | 🇦🇺 AUD |
| EUR/USD | 2.50% vs 3.75–4.00% | −1.38 pts | 🇺🇸 USD |
| USD/CAD | 3.75–4.00% vs 2.50% | +1.38 pts | 🇺🇸 USD |
| EUR/GBP | 2.50% vs 3.75% | −1.25 pts | 🇬🇧 GBP |
| EUR/JPY | 2.50% vs 1.25% | +1.25 pts | 🇪🇺 EUR |
| CAD/JPY | 2.50% vs 1.25% | +1.25 pts | 🇨🇦 CAD |
| NZD/USD | 2.75% vs 3.75–4.00% | −1.13 pts | 🇺🇸 USD |
| AUD/USD | 4.85% vs 3.75–4.00% | +0.97 pts | 🇦🇺 AUD |
| GBP/USD | 3.75% vs 3.75–4.00% | −0.13 pts | 🇺🇸 USD |
Next meetings
🇺🇸 Federal Reserve9 Dec 2026
🇪🇺 European Central Bank17 Dec 2026
🇬🇧 Bank of England5 Nov 2026
🇯🇵 Bank of Japan18 Dec 2026
🇨🇦 Bank of Canada9 Dec 2026
🇦🇺 Reserve Bank of Australia8 Dec 2026
🇳🇿 Reserve Bank of New Zealand9 Dec 2026
🇨🇭 Swiss National Bank10 Dec 2026
Decision log
| Date | Bank | Decision | Rate |
|---|---|---|---|
| 3 Nov 2026 | 🇦🇺 RBA | Raised 0.25% | 4.85% |
| 30 Oct 2026 | 🇯🇵 BoJ | Hold | 1.25% |
| 29 Oct 2026 | 🇪🇺 ECB | Hold | 2.50% |
| 28 Oct 2026 | 🇺🇸 Fed | Hold | 3.75–4.00% |
| 28 Oct 2026 | 🇨🇦 BoC | Raised 0.25% | 2.50% |
| 28 Oct 2026 | 🇳🇿 RBNZ | Hold | 2.75% |
| 24 Sept 2026 | 🇨🇭 SNB | Hold | 0.00% |
| 17 Sept 2026 | 🇬🇧 BoE | Hold | 3.75% |
Learn it properly: how rate decisions move currencies, gold and stocks is a core part of the Fundamentals guide and the Fundamental Analysis course. For learning, not financial advice.