Policy
Central banks
The rate path input comes from here. Meetings are listed by proximity.
| Bank | Currency | Stance | Last decision | Vote | Next | In |
|---|---|---|---|---|---|---|
| RBA | AUD | Neutral | Hold 3.60 | - | 2026-08-11 | 5d |
| RBNZ | NZD | Hawkish | Hike to 2.50 | - | 2026-08-19 | 13d |
| BoC | CAD | Neutral | Hold 2.25 | - | 2026-09-09 | 34d |
| ECB | EUR | Hawkish | Hike to 2.25 | - | 2026-09-10 | 35d |
| Fed | USD | Hawkish | Hold 3.50-3.75 | 9-3 | 2026-09-16 | 41d |
| BoE | GBP | Hawkish | Hold 3.75 | 6-3 | 2026-09-17 | 42d |
| BoJ | JPY | Hawkish | Hold 1.00 | 8-1 | 2026-09-18 | 43d |
| SNB | CHF | Neutral | Hold 0.00 | - | 2026-09-24 | 49d |
Notes
Why each rate path input is set where it is.
RBA · AUD
Hold 3.60 on 2026-07-07 · vote - · next 2026-08-11
Inflation at 3.7% sits above the target band but RBA remains cautious.
RBNZ · NZD
Hike to 2.50 on 2026-07-08 · vote - · next 2026-08-19
Raised 25bp in July. Swaps price another hike in September. Inflation 4.1% but largely fuel-driven.
BoC · CAD
Hold 2.25 on 2026-07-15 · vote - · next 2026-09-09
Held in July. Inflation at 2.8%.
ECB · EUR
Hike to 2.25 on 2026-06-17 · vote - · next 2026-09-10
Raised 25bp in June. Market prices one more hike by year-end.
Fed · USD
Hold 3.50-3.75 on 2026-07-29 · vote 9-3 · next 2026-09-16
Three members dissented for a hike. Warsh dropped forward guidance entirely.
BoE · GBP
Hold 3.75 on 2026-07-30 · vote 6-3 · next 2026-09-17
Greene, Mann and Pill voted for 4.00. Inflation fell to 2.6 but BoE expects it to rise. Cuts remain distant, a hike is a live risk.
BoJ · JPY
Hold 1.00 on 2026-07-31 · vote 8-1 · next 2026-09-18
Takata dissented for 1.25. Warned underlying inflation may exceed 2%. Reuters poll: 70% expect at least 1.50 by Q2 2027.
SNB · CHF
Hold 0.00 on 2026-06-18 · vote - · next 2026-09-24
Holding at zero. Inflation 0.5%, FX intervention remains an option.