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.

What’s New:

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

Links to latest research Next meeting Policy rate (%) Next Change End-2021 (%) End-2022 (%) End-2023 (%) Asset purchases
US 14-15 Dec 0.00-0.25 +25bp (Q1 2023) 0.00-0.25 0.00-0.25 0.50-0.75 Taper announced, starting Nov at pace to end QE mid-2022
Euro-zone 16 Dec -0.50 None on horizon -0.50 -0.50 -0.50 Forecast March end to PEPP, increase in APP to €40bn per month in April
Japan 17 Dec -0.10 None on horizon -0.10 -0.10 -0.10 Only minor purchases needed to keep 10-year JGB yields in ±0.25% range
UK 16 Dec 0.10 +15bp (Q4 2021) 0.25 0.50 1.00 £3.4bn per wk to finish end-21. Balance sheet to shrink naturally from Feb 2022
Canada 8 Dec 0.25 +25bp (Q3 2022) 0.25 0.75 1.00 QE ended in October
Australia 7 Dec 0.10 +15bp (Q1 2023) 0.10 0.10 0.75 Currently $4bn per wk. Forecast reduction to €3bn in Feb and end Aug
Switzerland 16 Dec -0.75 None on horizon -0.75 -0.75 -0.75 Very little anticipated, unless franc appreciates
Sweden 9 Feb 0.00 None on horizon 0.00 0.00 0.00 SEK700bn to complete this year, no purchases forecast next year
Denmark -0.50 -10bp (H2 2021) -0.60 -0.60 -0.60
Norway 16 Dec 0.25 +25bp (Dec. 2021) 0.50 1.50 2.00
New Zealand 23 Feb 0.75 +25bp (Feb. 2022) 1.00 2.00 2.00 QE ended in July
China 2.20 -10bp (Q4 2021) 2.10 1.70 1.70
India 8 Dec 4.00 +25bp (H2 2022) 4.00 4.50 5.00
Brazil 8 Dec 7.75 +150bp (Dec. 2021) 9.25 10.50 9.50
Russia 17 Dec 7.50 +75bp (Dec. 2021) 8.25 8.25 7.25
Mexico 16 Dec 5.00 +25bp (Dec. 2021) 5.25 6.00 6.00
South Korea 17 Jan 1.00 +25bp (Mar. 2022) 1.00 1.75 1.75
Turkey 16 Dec 15.00 -50bp (Dec. 2021) 14.50 12.00 14.00
Indonesia 15-16 Dec 3.50 +25bp (2023) 3.50 3.50 4.00
Poland 8 Dec 1.25 +75bp (Dec. 2021) 2.00 3.00 3.00
South Africa 19 Jan 3.75 +25bp (Jan 2022) 3.75 4.50 5.25

The evolution of central banking