Global Central Banks
Live rates, policy decisions, and rate cycle tracking for 8 major central banks
Federal Reserve
The Fed held at 4.33% today following the March 2026 SEP. Core PCE at 2.4% shows continued disinflation but remains above target. Markets are pricing one 25bps cut by year-end. The dot plot shows the median FOMC member expects one cut in 2026.
Federal Reserve last cut by -25bps in Jan 2025. The rate peaked at 5.33% in Jul 2023 — meaning cumulative cuts have now totalled 100bps. Rate cuts reduce borrowing costs for households (mortgages get cheaper) and businesses (loans, bonds repriced lower). They typically weaken the currency (less attractive yield for foreign investors) and support equity valuations (lower discount rates = higher present values of future earnings).
Federal Reserve rates went from 0.08% in Q1 2022 to a peak of 5.33% in Jul 2023, now sitting at 4.33%. The 100bps of cuts since peak reflect central bank confidence that inflation is declining — but the rate is still historically elevated. Every quarter at these rates, heavily-indebted households and governments refinancing bonds feel the squeeze. The longer rates stay high, the more the cumulative effect compounds through the credit channel.
The spread between the highest rate (🇬🇧 BoE at 4.50%) and lowest rate (🇨🇭 SNB at 0.25%) is 4.25 percentage points. This enormous differential creates powerful "carry trade" incentives: investors borrow in low-rate currencies (CHF) and invest in high-rate ones (GBP), pocketing the spread. This keeps the CHF structurally weak (supply > demand) and puts upward pressure on GBP. When these trades unwind — as happened with the yen in 2024 — it causes sharp, sudden currency moves and financial volatility globally. The BoJ's rate hikes are gradually closing the gap with the rest of the G10, making yen carry trades less attractive and forcing position unwinds.
| vs → | 🇺🇸 FED | 🇪🇺 ECB | 🇬🇧 BoE | 🇯🇵 BoJ | 🇨🇳 PBoC | 🇦🇺 RBA | 🇨🇦 BoC | 🇨🇭 SNB |
|---|---|---|---|---|---|---|---|---|
| 🇺🇸 FED | — | +1.68% | -0.17% | +3.58% | +0.88% | +0.23% | +1.33% | +4.08% |
| 🇪🇺 ECB | -1.68% | — | -1.85% | +1.90% | -0.80% | -1.45% | -0.35% | +2.40% |
| 🇬🇧 BoE | +0.17% | +1.85% | — | +3.75% | +1.05% | +0.40% | +1.50% | +4.25% |
| 🇯🇵 BoJ | -3.58% | -1.90% | -3.75% | — | -2.70% | -3.35% | -2.25% | +0.50% |
| 🇨🇳 PBoC | -0.88% | +0.80% | -1.05% | +2.70% | — | -0.65% | +0.45% | +3.20% |
| 🇦🇺 RBA | -0.23% | +1.45% | -0.40% | +3.35% | +0.65% | — | +1.10% | +3.85% |
| 🇨🇦 BoC | -1.33% | +0.35% | -1.50% | +2.25% | -0.45% | -1.10% | — | +2.75% |
| 🇨🇭 SNB | -4.08% | -2.40% | -4.25% | -0.50% | -3.20% | -3.85% | -2.75% | — |