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 15 Jun. 0.75-1.00 +50bp (Jun. 2022) 2.50-2.75 3.25-3.50 3.00-3.25 Balance sheet run-off to begin in June.
Euro-zone 9 Jun. -0.50 +25bp (Jul. 2022) 0.25  1.50 1.50 Net asset purchases to end in late June or early July.
Japan 17 Jun. -0.10 None on horizon -0.10 -0.10 -0.10 Balance sheet to keep rising at rapid rate as Bank needs to defend its 10-year yield target.
UK 16 Jun. 1.00 +25bp (Jun. 2022) 2.25 3.00 2.50 £450bn QE launched during the pandemic reversed by end of 2024.
Canada 1 Jun. 1.00 +50bp (Jun. 2022) 2.50 2.50 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 7 Jun. 0.35 +25bp (Jun. 2022) 2.25 2.75 2.25 Bank will allow bond holdings to run off, but no outright sales.
Switzerland 16 Jun. -0.75 +25bp (Sep. 2022) -0.25 1.00 1.00 Very little anticipated, unless franc appreciates
Sweden 30 Jun. 0.25 +25bp (Jun. 2022) 1.00 2.00 2.00 Asset sales to begin by end-2022
Denmark -0.60 +10bp (Jul. 2022) 0.00 1.25 1.25
Norway 23 Jun. 0.75 +25bp (Jun. 2022) 1.50 2.50 2.50
New Zealand 25 May 1.50 +50bp (May 2022) 2.50 2.00 2.25 RBNZ to sell $5bn of its bond holdings every month from July.
China 2.10 -10bp (Q2 2022) 1.90 1.90 1.90
India 8 Jun. 4.40 +50bp (Jun. 2022) 5.65 6.15 6.15
Brazil 15 Jun. 12.75 +100bp (Jun. 2022) 13.50 8.00 7.00
Russia 10 Jun. 14.00 -200bp (Jun. 2022) 10.00 7.50 6.50
Mexico 23 Jun. 7.00 +50bp (Jun. 2022) 9.00 9.00 7.50
South Korea 26 May 1.50 +25bp (May 2022) 2.00 2.00 1.50
Turkey 26 May 14.00 +500bp (H2 2023) 14.00 26.00 26.00
Indonesia 24 May 3.50 +25bp (Q3 2022) 3.75 4.50 4.50
Poland 8 Jun. 5.25 +75bp (Jun. 2022) 7.25 6.25 5.50
South Africa 21 Jul. 4.75 +50bp (Jun. 2022) 5.75 6.50 6.50

The evolution of central banking