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Rate hikes in 2026: every central bank so far

Fed, ECB, BoJ, BoC, RBA and RBNZ raised rates in 2026 so far; BoE and SNB only held. Every decision of the eight banks, the rate each one stands at, what is left and what the currencies did.

Published · updated with the data

POLICY RATES · 20260%1%2%3%4%5%RBAFedBoERBNZECBBoCBoJSNBJFMAMJJASOND
Raised6 / 8banks with a hike in 2026
Cut0 / 8banks with a cut
Only held2 / 8no move all year so far
Decisions47 / 5912 hikes and 35 holds
In brief
  • Fed: raised once (+25 bp in September), to 3.75%–4.00%.
  • ECB: raised twice (+25 bp in June, +25 bp in September), +50 bp in all, to 2.50%.
  • BoE: held at 3.75% at all 6 of its decisions so far.
  • BoJ: raised twice (+25 bp in June, +25 bp in September), +50 bp in all, to 1.25%.
  • BoC: raised once (+25 bp in October), to 2.50%.
  • RBA: raised 4 times (+25 bp in February, +25 bp in March, +25 bp in May, +25 bp in September), +100 bp in all, to 4.60%.
  • RBNZ: raised twice (+25 bp in July, +25 bp in September), +50 bp in all, to 2.75%.
  • SNB: held at 0.00% at all 3 of its decisions so far.

2026 at a glance

Every scheduled decision of the year, bank by bank, as the change in basis points: 0 is a hold, and ? a decision still to come (the table below has what is expected).

BankJanFebMarAprMayJunJulAugSepOctNovDec
Fed 0 0 0 0 0 +25 0 ?
ECB 0 0 0 +25 0 +25 ? ?
BoE 0 0 0 0 0 0 ? ?
BoJ 0 0 0 +25 0 +25 ? ?
BoC 0 0 0 0 0 0 +25 ?
RBA +25 +25 +25 0 0 +25 ? ?
RBNZ 0 0 0 +25 +25 0 ?
SNB 0 0 0 ?
Central bankStart of 2026NowChangeMovesNext decision
USD
Federal Reservefederal funds rate (target range)
 3.50%–3.75% 3.75%–4.00% +25 bp 1 hike and 6 holds Wed, Dec 9 No consensus yet
EUR
European Central Bankdeposit facility rate
 2.00% 2.50% +50 bp 2 hikes and 4 holds Thu, Oct 29 Hold at 2.50%
GBP
 3.75% 3.75% 0 bp 6 holds Thu, Nov 5 No consensus yet
JPY
Bank of Japanshort-term policy interest rate
 0.75% 1.25% +50 bp 2 hikes and 4 holds Fri, Oct 30 Hold at 1.25%
CAD
Bank of Canadaovernight rate target
 2.25% 2.50% +25 bp 1 hike and 6 holds Wed, Dec 9 No consensus yet
AUD
 3.60% 4.60% +100 bp 4 hikes and 2 holds Tue, Nov 3 No consensus yet
NZD
Reserve Bank of New ZealandOfficial Cash Rate (OCR)
 2.25% 2.75% +50 bp 2 hikes and 4 holds Wed, Dec 9 No consensus yet
CHF
Swiss National BankSNB policy rate
 0.00% 0.00% 0 bp 3 holds Thu, Dec 10 No consensus yet

Did anything surprise?

46 of the 47 decisions of 2026 with an economists' consensus came out exactly as expected. In the other 1, the result was more hawkish or more dovish than forecast. A move the market expects is already in the price, which is why a hike can leave a currency weaker: hawkish and dovish are about the expectation, not the direction.

What the currencies did after the hikes

After the 12 hikes of 2026 measured on one-minute candles, the bank's own currency was stronger an hour later 4 times and weaker 8 times. Across every hike measured since 2025 (14), it was stronger an hour later after 5 and weaker after 9. These are small samples, and a currency an hour after a decision says nothing certain about the next one. How interest rates affect exchange rates has the reasons.

Still to come in 2026

The central bank calendar has every date in your time zone, and each bank's year is on its own page: Fed · ECB · BoE · BoJ · BoC · RBA · RBNZ · SNB. Month by month: September 2026.

Questions

Interest rates in 2026: questions answered

Which central banks have raised rates in 2026?

Of the eight banks this site follows, 6 raised rates in 2026 so far: the Federal Reserve raised once (+25 bp in September), to 3.75%–4.00%; the European Central Bank raised twice (+25 bp in June, +25 bp in September), +50 bp in all, to 2.50%; the Bank of Japan raised twice (+25 bp in June, +25 bp in September), +50 bp in all, to 1.25%; the Bank of Canada raised once (+25 bp in October), to 2.50%; the Reserve Bank of Australia raised 4 times (+25 bp in February, +25 bp in March, +25 bp in May, +25 bp in September), +100 bp in all, to 4.60%; the Reserve Bank of New Zealand raised twice (+25 bp in July, +25 bp in September), +50 bp in all, to 2.75%.

Did the Fed raise rates in 2026?

Yes: the Fed raised once (+25 bp in September), to 3.75%–4.00%. Its next decision is on Wed, Dec 9, with no consensus yet expected.

Which central bank has the highest interest rate?

Of the eight, the Reserve Bank of Australia's cash rate target is the highest at 4.60%, and the Swiss National Bank's the lowest at 0.00%. All eight side by side are on the central bank rates page.

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