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Central Bank Interest Rates Today
The policy rates of the eight major central banks as of Oct 28, 2026. The highest is the Reserve Bank of Australia's at 4.60% and the lowest the Swiss National Bank's at 0.00%. 6 of the eight last moved up and 2 last moved down; the next decision is the ECB's, Thu, Oct 29 at 2:15 PM Frankfurt.
Interest rates by central bank
Highest first. Each rate is the bank's own policy rate after its latest decision; the cycle is the run of moves the latest one belongs to.
| Central bank | Rate | Now | Last move | Cycle | Next decision | Expected |
|---|---|---|---|---|---|---|
| Reserve Bank of Australia Australia · AUD | cash rate target | 4.60% | +25 bp Sep 29, 2026 | ▲ hiking · 4 since Feb 3, 2026 | Tue, Nov 3, 2:30 PM Sydney | No consensus yet |
| Federal Reserve United States · USD | federal funds rate | 3.75%–4.00% | +25 bp Sep 16, 2026 | ▲ hiking · 1 since Sep 16, 2026 | Wed, Dec 9, 2:00 PM EST | No consensus yet |
| Bank of England United Kingdom · GBP | Bank Rate | 3.75% | −25 bp Dec 18, 2025 | ▼ cutting · 6 since Aug 1, 2024 | Thu, Nov 5, 12:00 PM London | No consensus yet |
| Reserve Bank of New Zealand New Zealand · NZD | Official Cash Rate | 2.75% | +25 bp Sep 2, 2026 | ▲ hiking · 2 since Jul 8, 2026 | Wed, Dec 9, 2:00 PM Wellington | No consensus yet |
| European Central Bank Euro area · EUR | deposit facility rate | 2.50% | +25 bp Sep 10, 2026 | ▲ hiking · 2 since Jun 11, 2026 | Thu, Oct 29, 2:15 PM Frankfurt | Hold at 2.50% |
| Bank of Canada Canada · CAD | overnight rate target | 2.50% | +25 bp Oct 28, 2026 | ▲ hiking · 1 since Oct 28, 2026 | Wed, Dec 9, 9:45 AM EST | No consensus yet |
| Bank of Japan Japan · JPY | short-term policy interest rate | 1.25% | +25 bp Sep 18, 2026 | ▲ hiking · 6 since Mar 19, 2024 | Fri, Oct 30, 12:00 PM Tokyo | Hold at 1.25% |
| Swiss National Bank Switzerland · CHF | SNB policy rate | 0.00% | −25 bp Jun 19, 2025 | ▼ cutting · 6 since Mar 21, 2024 | Thu, Dec 10, 9:30 AM Zurich | No consensus yet |
Source: FXStreet's economic calendar. The ECB's rate is the deposit facility rate; the Fed's is a range a quarter point wide.
Each central bank's rate since 2008
Each line has its own scale, from its own low to its own high. Open one for every decision, the cycles and a CSV.
Interest rate differentials of the major pairs
The first currency's policy rate minus the second's, widest first. The Fed's rate is the top of its range. A decision moves a pair most when it changes the gap the market expected.
| Pair | First currency | Second currency | Differential | Pays more to hold |
|---|---|---|---|---|
| USD/CHF | USD 4.00% | CHF 0.00% | +4.00 pp | USD |
| AUD/JPY | AUD 4.60% | JPY 1.25% | +3.35 pp | AUD |
| USD/JPY | USD 4.00% | JPY 1.25% | +2.75 pp | USD |
| GBP/JPY | GBP 3.75% | JPY 1.25% | +2.50 pp | GBP |
| AUD/NZD | AUD 4.60% | NZD 2.75% | +1.85 pp | AUD |
| EUR/USD | EUR 2.50% | USD 4.00% | −1.50 pp | USD |
| USD/CAD | USD 4.00% | CAD 2.50% | +1.50 pp | USD |
| NZD/USD | NZD 2.75% | USD 4.00% | −1.25 pp | USD |
| EUR/GBP | EUR 2.50% | GBP 3.75% | −1.25 pp | GBP |
| EUR/JPY | EUR 2.50% | JPY 1.25% | +1.25 pp | EUR |
| AUD/USD | AUD 4.60% | USD 4.00% | +0.60 pp | AUD |
| GBP/USD | GBP 3.75% | USD 4.00% | −0.25 pp | USD |
Policy rates, not what a broker pays or charges overnight. Not investment advice.
Central bank interest rates: questions
Which central bank has the highest interest rate?
Of the eight major banks, the Reserve Bank of Australia: 4.60% (cash rate target), as of Oct 28, 2026. Then the Fed at 3.75%–4.00% and the BoE at 3.75%.
Which central bank has the lowest interest rate?
The Swiss National Bank: 0.00% (SNB policy rate), as of Oct 28, 2026.
Which central banks are cutting rates, and which are raising them?
Last move down: BoE (Dec 18, 2025), SNB (Jun 19, 2025). Last move up: Fed (Sep 16, 2026), ECB (Sep 10, 2026), BoJ (Sep 18, 2026), BoC (Oct 28, 2026), RBA (Sep 29, 2026), RBNZ (Sep 2, 2026).
When is the next central bank interest rate decision?
The European Central Bank, Thu, Oct 29 at 2:15 PM Frankfurt (9:15 AM EDT in New York). The week's decisions are on this week's page and the whole schedule on the calendar.
What is an interest rate differential?
The gap between the policy rates of a pair's two currencies. USD/CHF has the widest of the pairs here: 4.00 percentage points in favour of USD. A wider gap pays more to hold the higher-yielding currency, which is why a surprise at a decision, a change in the expected gap, moves the pair.
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