Central Bank Hub

Global Central Bank Watch is our regular review of monetary policy-making. Visit CE Interactive, our data and charting platform, for an interactive Central Bank Hub dashboard.

Click on the country/economy name to view the latest central bank research

Links to latest research Next meeting Policy rate (%) Next change End-2022 (%) End-2023 (%) End-2024 (%) Balance sheet
US 21 Sep. 2.25-2.50 +50bp (Sep. 2022) 3.50-3.75 3.25-3.50 2.75-3.00 Balance sheet run-off has begun. Pace to reach $120bn per month next year
Euro-zone 8 Sep. 0.00 +50bp (Sep. 2022) 1.25  2.00 1.50 ECB will need to use its new Transmission Protection Instrument to keep peripheral spreads under control
Japan 22 Sep. -0.10 None on horizon -0.10 -0.10 -0.10 Balance sheet will shrink slightly as emergency loans are repaid and continued large gross bond purchases are broadly offset by bond redemptions
UK 15 Sep. 1.75 +25bp (Sep. 2022) 2.50 3.00 2.50 BoE to decide in the coming months whether or not to sell gilts
Canada 7 Sep. 2.50 +75bp (Sep. 2022) 3.50 3.00 2.50 Stopped reinvesting maturing bonds in April. With 40% of the Bank’s holdings set to mature within two years, active bond sales are unlikely.
Australia 6 Sep. 1.85 +50bp (Sep. 2022) 3.35 3.35 3.10 Bank will allow bond holdings to run off, but no outright sales.
Switzerland 22 Sep. -0.25 +25bp (Sep. 2022) 0.75 1.00 0.50 Very little anticipated, unless franc appreciates
Sweden 19 Sep. 0.75 +25bp (Sep. 2022) 2.00 2.00 1.50 Asset sales to begin by end-2022
Denmark -0.10 +35bp (Sep. 2022) 1.00 1.75 1.25
Norway 18 Aug. 1.25 +50bp (Aug. 2022) 2.50 2.50 2.25
New Zealand 17 Aug. 2.50 +50bp (Aug. 2022) 3.50 3.00 2.75 RBNZ to sell $5bn of it bond holdings every fiscal year
China 2.10 None on horizon 2.10 2.10 2.10
India 30 Sep. 5.40 +50bp (Sep. 2022) 6.15 6.40 6.40
Brazil 21 Sep. 13.75 +25bp (Sep. 2022) 14.00 11.00 7.50
Russia 28 Oct. 8.00 -50bp (Oct. 2022) 7.00 5.50 5.50
Mexico 11 Aug. 7.75 +50bp (Aug. 2022) 10.00 9.50 8.50
South Korea 25 Aug. 2.25 +25bp (Aug. 2022) 3.00 2.50 2.25
Turkey 18 Aug. 14.00 +500bp (H2 2023) 14.00 25.00 25.00
Indonesia 23 Aug. 3.50 +25bp (Q4 2022) 3.75 4.50 4.50
Poland 23 Aug. 6.50 +50bp (Aug. 2022) 7.50 7.00 5.50
South Africa 22 Sep. 5.50 +75bp (Sep. 2022) 6.75 7.75 6.75

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