Central Bank Policy Rates — Global Comparison
Official policy interest rates for the world's five most systemically significant central banks — the Federal Reserve, ECB, Bank of Japan, Bank of England, and People's Bank of China — compiled monthly by the Bank for International Settlements.
Data
| Period | Fed (%) | ECB (%) | BoJ (%) | BoE (%) | PBoC (%) |
|---|---|---|---|---|---|
| Mar 2026 | 3.625 | 2.00 | 0.75 | 3.75 | 3.00 |
| Feb 2026 | 3.625 | 2.00 | 0.75 | 3.75 | 3.00 |
| Jan 2026 | 3.625 | 2.00 | 0.75 | 3.75 | 3.00 |
| Dec 2025 | 3.625 | 2.00 | 0.75 | 3.75 | 3.00 |
| Nov 2025 | 3.875 | 2.00 | 0.50 | 4.00 | 3.00 |
| Oct 2025 | 3.875 | 2.00 | 0.50 | 4.00 | 3.00 |
| Sep 2025 | 4.125 | 2.00 | 0.50 | 4.00 | 3.00 |
| Aug 2025 | 4.375 | 2.00 | 0.50 | 4.00 | 3.00 |
| Jul 2025 | 4.375 | 2.00 | 0.50 | 4.25 | 3.00 |
| Jun 2025 | 4.375 | 2.00 | 0.50 | 4.25 | 3.00 |
| May 2025 | 4.375 | 2.25 | 0.50 | 4.25 | 3.00 |
| Apr 2025 | 4.375 | 2.25 | 0.50 | 4.50 | 3.10 |
| Mar 2025 | 4.375 | 2.50 | 0.50 | 4.50 | 3.10 |
| Feb 2025 | 4.375 | 2.75 | 0.50 | 4.50 | 3.10 |
| Jan 2025 | 4.375 | 3.00 | 0.50 | 4.75 | 3.10 |
| Dec 2024 | 4.375 | 3.00 | 0.25 | 4.75 | 3.10 |
About this Dataset
The five policy rates tracked here — the US federal funds rate, ECB deposit facility rate, Bank of Japan overnight call rate, Bank of England bank rate, and People’s Bank of China 7-day reverse repo rate — collectively set the price of money for economies representing over 60% of global GDP. As of March 2026, the Fed holds at 3.625% after 75 basis points of cuts since June 2025; the ECB has delivered 225 basis points of easing from its 4.00% peak to 2.00%; the BoE stands at 3.75% in a measured easing cycle; and the BoJ has exited sub-zero territory to reach 0.75%, its highest since 2008.
The 2022–2023 global tightening cycle was the fastest synchronised rate increase since the 1980s. The Fed alone moved from 0.125% to 5.375% in 17 months — a 525 basis point swing that repriced virtually every asset class on the planet.
The data is sourced from the BIS WS_CBPOL dataset, which aggregates official policy rate announcements directly from each central bank. The BIS series for the UK extends to January 1946; for the US to the early post-war era. For this page, the chart shows quarterly Federal Reserve policy rate observations from January 2010 through March 2026, covering the full cycle from post-GFC zero-rate floor through the inflation shock tightening episode and the subsequent easing pivot. The table shows monthly readings for all five economies.
- Federal Reserve: Federal funds rate target midpoint; set by the FOMC in 25bp increments at eight scheduled meetings per year
- ECB: Deposit facility rate — the operative policy anchor since 2022; previously the main refinancing rate played this role
- Bank of Japan: Uncollateralised overnight call rate; BoJ exited negative rate policy in March 2024 after eight years
- Bank of England: Bank rate; set by the nine-member Monetary Policy Committee at eight meetings per year
- People’s Bank of China: 7-day reverse repo rate, the PBoC’s primary short-term liquidity tool; supplemented by the 1Y medium-term lending facility rate and loan prime rate
For fixed income practitioners, the spread between the Fed funds rate and the ECB deposit rate is a foundational input to EUR/USD cross-currency basis swaps and transatlantic sovereign spread analysis. The BoJ’s normalisation trajectory remains the primary source of structural uncertainty in global rate markets through 2026, given the scale of yen-funded carry positions that accumulated during the negative rate era.