Where the major central banks stand on interest rates
The most recent rate decision from the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Swiss National Bank, each dated and sourced to its official statement.
Read the analysisFederal Reserve
The Federal Open Market Committee sets a target range for the federal funds rate, the rate at which US banks lend each other money overnight. That range is the main lever the Federal Reserve has over the cost of dollar funding.
Most recent decision
On 16 September 2026, the Federal Reserve raised its target range for the federal funds rate by a quarter of a percentage point, taking it to 3.75% to 4%.
European Central Bank
The Governing Council sets three key interest rates for the euro area, among them the deposit facility rate, the rate banks earn on money they leave with the central bank overnight.
Latest decision
On 10 September 2026, the Governing Council raised all three key rates by a quarter of a percentage point, taking the deposit facility rate to 2.50%. The new rate took effect from 16 September 2026.
Bank of England
The Bank of England's Monetary Policy Committee sets Bank Rate, the rate the Bank pays on money that commercial banks hold with it. Changes to this rate are decided at scheduled meetings and announced publicly once the vote has been taken.
On 17 September 2026, the Bank of England's Monetary Policy Committee voted to hold Bank Rate at 3.75%. The vote was six to three, with the three dissenting members preferring a rate of 4%.
Bank of Japan
The Bank of Japan's Policy Board sets a target for the short-term policy rate, the rate that anchors borrowing costs across Japan.
On 18 September 2026, the Bank of Japan raised that target to around 1.25%, from around 1%, with the change taking effect on 24 September 2026.
Swiss National Bank
Most recent decision
On 24 September 2026, the Swiss National Bank left its policy rate unchanged at 0%.