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RBNZ Rate Decision September 2026
2026-09-01 22:00 - 23:00 (America/New_York)
RBNZ Rate Decision: OCR raised 25bp to 2.75%, decision by consensus (no vote required) (Wednesday, September 2, 2026 at 2:00 pm NZST (10:00 pm ET, 3:00 am London)).

Consensus
A consensus forecast has not yet been published for this meeting
Actual
OCR raised 25bp to 2.75%, decision by consensus (no vote required)

Full schedule and background: RBNZ Rate Decision.
Updated September 2, 2026

The Reserve Bank of New Zealand raised the Official Cash Rate by 25 basis points to 2.75% on September 2, 2026, matching consensus forecasts from New Zealand’s major bank economics teams and marking its second consecutive increase.
The Reserve Bank of New Zealand’s Monetary Policy Committee announces its Official Cash Rate (OCR) decision on Wednesday, September 2, 2026 at 10:00 pm ET (3:00 am London on Thursday, September 3, and 2:00 pm in Wellington). This is a Monetary Policy Statement (MPS) meeting, which means it comes with updated economic projections and an OCR track, followed by a press conference with the Governor. The decision sets the interest rate that underpins borrowing costs across New Zealand and feeds through to currency and bond markets in Australia, Asia and, to a lesser extent, the UK and eurozone.
What is the Monetary Policy Committee and what does it decide?
The Monetary Policy Committee (MPC) is the body inside the Reserve Bank of New Zealand responsible for setting the Official Cash Rate, the interest rate the central bank charges on overnight lending to commercial banks. Changes to the OCR ripple through to mortgage rates, business loans and savings account returns across New Zealand within weeks.
The MPC’s remit under New Zealand’s Remit for the Monetary Policy Committee is to keep annual consumer price inflation between 1% and 3% over the medium term, with a focus on the 2% midpoint, while supporting maximum sustainable employment. The committee includes the Governor, the Deputy Governor and other internal Reserve Bank staff, alongside external members appointed by the Minister of Finance. Decisions are reached by consensus where possible; if members disagree, a majority vote decides the outcome, though the RBNZ does not publish an individual vote breakdown in the way the US Federal Reserve or Bank of England do.
Since 2026, the RBNZ has held seven scheduled OCR decisions a year, four of which are full Monetary Policy Statements with fresh forecasts, and three are shorter Monetary Policy Reviews. The Reserve Bank has said it will move to eight decisions a year from 2027 once monthly rather than quarterly inflation data becomes available, according to the Reserve Bank of New Zealand’s published decision schedule.
When is the September RBNZ decision announced?
The September 2026 OCR announcement is scheduled for Wednesday, September 2, 2026 at 10:00 pm ET, which is 3:00 am in London the following morning and 2:00 pm New Zealand time. As a Monetary Policy Statement meeting, the release includes the rate decision, the committee’s updated OCR track (its own projection of where it expects the rate to sit over coming years) and a summary record of the meeting. The Governor holds a press conference shortly after the statement is published, where journalists question the committee on its reasoning and the balance of risks it sees to growth and inflation.
The following scheduled decision, a Monetary Policy Review without full projections, falls on October 28, 2026, with the next full Monetary Policy Statement due on December 9, 2026, based on the Reserve Bank’s confirmed 2026 to 2028 calendar.
What to expect
New Zealand’s rate path has been on an easing trajectory since 2024. At the most recently confirmed decision covered in this preview, the August 2025 Monetary Policy Review, the RBNZ cut the OCR by 25 basis points (a basis point is one hundredth of a percentage point) from 3.25% to 3.00%, in line with market expectations reported by FXStreet’s coverage of the meeting. At that meeting, acting Governor Christian Hawkesby said the OCR projection troughed around 2.5%, consistent with further cuts if medium-term inflation pressures kept easing, and that headline inflation was expected to return to around the 2% target midpoint by mid-2026.
Because this preview is published well ahead of the September 2026 meeting, a market-wide consensus forecast for this specific decision has not yet been published. Readers should check overnight index swap pricing and economist previews from banks such as ANZ, Westpac, ASB and BNZ closer to the date, as these are typically published in the days before each MPS. The Reserve Bank’s own August 2025 guidance pointed toward a lower OCR by 2026, so any decision to hold, cut further or pause the easing cycle in September 2026 will depend on how New Zealand inflation, wages and the labour market have evolved in the intervening quarters.

Meeting
Decision
Rate after meeting

August 2025 (Monetary Policy Review)
Cut 25bp
3.00%

The Reserve Bank of New Zealand publishes its full OCR decision history on its official website. Rows for meetings between August 2025 and September 2026 are omitted here because they had not yet occurred, or could not be independently verified, at the time of writing.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Traders would likely read a hold as a sign the RBNZ believes the easing cycle has done enough for now, supporting the New Zealand dollar in the short term
Borrowing costs stay where they are; no immediate change to mortgage or savings rates

Cut
A cut, particularly a larger one, would generally be read as dovish and tends to weaken the New Zealand dollar against the US dollar, pound and euro
Cheaper borrowing over time for mortgages and business loans, but lower returns on savings accounts and term deposits

Guidance shift
Even without a rate change, a shift in the OCR track or the tone of the statement can move currency and bond markets sharply
The bank signals its future intentions, which can move mortgage rates and the currency before any actual rate change happens

What will the statement and press conference signal?
Analysts watching the September 2026 statement will focus on the updated OCR track, which shows the committee’s own expectation for the path of interest rates over the next two to three years. A track pointing lower signals more cuts are likely; a flatter track suggests the committee sees rates near their appropriate medium-term level, sometimes described as the “neutral” rate, the level that neither stimulates nor restricts economic activity.
Other things to watch include any dissent within the committee, commentary on the exchange rate (a weaker New Zealand dollar can push up import prices and complicate the inflation outlook), and any reference to the housing market, since mortgage rates are one of the main channels through which OCR changes affect New Zealand households. The Governor’s press conference often provides more colour on the balance of risks than the written statement alone, including how the committee is weighing global growth risks against domestic capacity pressures.
What It Means for Your Money
For New Zealand mortgage holders, the OCR decision matters directly: banks typically adjust floating and short-term fixed mortgage rates within days of an RBNZ move, so a cut can lower monthly repayments while a hold keeps them steady. Savers with term deposits or online savings accounts usually see the reverse effect, with lower OCR settings gradually reducing the interest banks pay on deposits.
For people outside New Zealand, the decision is smaller in scale than a Federal Reserve, European Central Bank or Bank of England move, but it still matters. The New Zealand dollar tends to weaken when the RBNZ cuts rates or signals further easing, which affects the cost of New Zealand exports such as dairy and the returns for anyone holding New Zealand dollar assets, bonds or funds. Investors in Australian and Asian equity markets sometimes treat RBNZ decisions as an early read on how commodity-exporting, rate-sensitive economies are responding to global conditions, though the direct read-through to UK or eurozone mortgages and savings rates is limited. Pension funds and multi-asset portfolios with New Zealand or Australasian exposure may see modest currency and bond price effects around the announcement.
Anyone with credit cards or personal loans linked to floating rates in New Zealand will also feel OCR changes more quickly than those on fixed-rate products, since fixed rates only reset when the current term expires.
Related events

The next scheduled OCR decision after this one is the Monetary Policy Review on October 28, 2026, followed by the final Monetary Policy Statement of the year on December 9, 2026.
New Zealand’s Consumers Price Index (CPI) release, published quarterly by Stats NZ, is the key inflation data the committee reviews ahead of each Monetary Policy Statement.
New Zealand labour market data, including the Household Labour Force Survey and quarterly wage figures, are published in the weeks before each MPS and help the committee judge how much spare capacity remains in the economy.

Frequently Asked Questions
What time is the RBNZ September 2026 decision announced?
The decision is released at 10:00 pm ET on September 2, 2026, which is 3:00 am in London on September 3 and 2:00 pm in Wellington, New Zealand.
Will the RBNZ cut rates in September 2026?
This is not yet known. As of publication, a consensus forecast for this specific meeting has not been published; the Reserve Bank’s own August 2025 projections pointed toward further cuts over time, but the eventual September 2026 decision will depend on inflation and labour market data released in the intervening months.
What is the current Official Cash Rate?
The most recently confirmed OCR level available at the time of writing was 3.00%, set after a 25 basis point cut in August 2025. Readers should check the Reserve Bank of New Zealand’s official OCR history page for any decisions made between then and September 2026.
When is the next RBNZ decision after September 2026?
The next scheduled decision is a Monetary Policy Review on October 28, 2026, with the following full Monetary Policy Statement due on December 9, 2026.
Where can I watch the RBNZ press conference?
The Reserve Bank of New Zealand livestreams the Governor’s press conference on its official website and YouTube channel shortly after the written statement is released.
Results: RBNZ Rate Decision September 2026

Measure
Consensus
Actual
Prior

Official Cash Rate
25bp hike to 2.75%
25bp hike to 2.75%
2.50% (July 8, 2026)

The Reserve Bank of New Zealand’s Monetary Policy Committee raised the Official Cash Rate by 25 basis points to 2.75% on September 2, 2026, its second consecutive increase after lifting the rate from 2.25% to 2.50% in July. The move matched forecasts from New Zealand’s five major bank economics teams, ANZ, ASB, BNZ, Westpac and Kiwibank, all of whom had pointed to a hike rather than a hold, according to a preview published by Luminate. The Committee reached the decision by consensus, meaning no formal vote was required.
The scenario that landed was the one most analysts had flagged as most likely going into the meeting: continued, gradual tightening rather than a pause or a return to cuts. Annual inflation had climbed to 4.1% in the June 2026 quarter, above the top of the Reserve Bank’s 1% to 3% target range, driven largely by higher fuel and related costs linked to the Middle East conflict, according to the Reserve Bank of New Zealand’s official statement. The Committee said gradually removing monetary stimulus reduces the risk that the OCR needs to rise by more later.
Updated projections showed the Committee’s average OCR forecast for the fourth quarter of 2026 easing slightly to 2.81%, from 2.84% in the May Monetary Policy Statement, according to analysis published by ActionForex. That track is broadly consistent with a pause at the October 28, 2026 review followed by a further 25 basis point increase in December, rather than back-to-back hikes at every remaining meeting this year.
Market Reaction
The New Zealand dollar fell against major peers immediately after the announcement, even though the rate rise itself matched expectations, because traders judged the Committee’s forward guidance to be more cautious than the hawkish tone seen at the July meeting, based on ActionForex’s live commentary on the decision. The Australian dollar extended its advance against the kiwi on the same day, helped by stronger than forecast Australian second-quarter GDP growth of 0.4%, according to reporting from Tradingpedia.
New Zealand’s 2-year swap rate, a market gauge of expected average short-term interest rates, fell around 8 basis points following the statement, suggesting investors trimmed bets on further near-term tightening even as the Committee kept its tightening bias intact. Markets were pricing roughly a 30% probability of another 25 basis point hike at the October 28 review, with a fuller move seen as more likely in December, according to ActionForex’s post-meeting review. The muted currency reaction to a widely expected hike illustrates how, in rates markets, the accompanying guidance and the updated OCR track often move prices more than the headline decision itself.
Key takeaways from the statement

The Committee raised the OCR by 25 basis points to 2.75%, its second consecutive hike, reached by consensus with no formal vote required.
Annual CPI inflation stood at 4.1% in the June 2026 quarter, above the top of the 1% to 3% target band, largely reflecting higher fuel prices linked to the Middle East conflict.
The updated OCR track pointed to an average rate of 2.81% in the fourth quarter of 2026, slightly lower than the 2.84% projected in the May Monetary Policy Statement, implying a probable pause in October before a further move in December.
The Committee said gradually removing monetary stimulus lowers the risk that the OCR will need to rise by more later, and that future decisions depend on its judgement of the balance of risks to medium-term inflation.
The Reserve Bank raised its very near-term growth forecasts but trimmed its medium-term growth outlook, reflecting a softer view of household consumption, according to ActionForex’s review of the statement.

What this means for your money now
New Zealand mortgage holders on floating or short-term fixed rates are likely to see another modest increase in borrowing costs following this second consecutive hike, while savers with term deposits and online savings accounts should see deposit rates edge up further. Anyone with a fixed-rate mortgage due for renewal in the coming months faces a higher starting rate than borrowers who fixed earlier in the cycle.
For readers outside New Zealand, the immediate currency reaction was smaller than the rate move alone might suggest, since the New Zealand dollar actually weakened despite the hike. Investors holding New Zealand dollar assets, exporters pricing in New Zealand dollars, and anyone tracking the Australian dollar against the kiwi should note that the guidance in the accompanying statement, not just the headline rate, is driving near-term currency moves, with continuing implications for cross-border payments and NZD-denominated investments.

Bank of Canada Rate Decision September 2026
2026-09-02 09:45 - 10:45 (America/New_York)
Bank of Canada Rate Decision: Held at 2.25% (7th straight hold); Bank Rate 2.50%, deposit rate 2.20% (Wednesday, September 2, 2026 at 9:45 am ET (2:45 pm London)).

Consensus
Not yet published
Actual
Held at 2.25% (7th straight hold); Bank Rate 2.50%, deposit rate 2.20%

Full schedule and background: Bank of Canada Rate Decision.
Updated September 2, 2026

The Bank of Canada held its overnight rate target at 2.25% for a seventh consecutive decision on September 2, 2026, matching the hold widely expected by markets, while flagging increased upside risks to inflation.
The Bank of Canada’s Governing Council announces its next interest rate decision on Wednesday, September 2, 2026, at 9:45 am ET (2:45 pm London time). The announcement will confirm whether the overnight rate target stays at 2.25%, where it has sat since the Bank’s last cut on October 29, 2025, or whether the Governing Council moves it up or down. This meeting does not include a Monetary Policy Report or press conference; those return at the October 28, 2026 decision. Full schedule and background: Bank of Canada Rate Decision.
What is the Bank of Canada’s Governing Council and what does it decide?
The Governing Council is the group of senior officials at the Bank of Canada responsible for setting monetary policy. It is chaired by the Governor, currently Tiff Macklem, alongside the Senior Deputy Governor and several Deputy Governors. Unlike the US Federal Reserve or the Bank of England, the Bank of Canada does not publish individual votes: decisions are reached by consensus among Governing Council members rather than a recorded ballot.
The Council’s mandate is inflation control, targeting 2% annual growth in the consumer price index within a 1% to 3% band. It does this by setting the overnight rate, the interest rate at which commercial banks lend to one another overnight, which then feeds through to mortgage rates, savings rates and business borrowing costs across the Canadian economy.
The Bank of Canada meets on a fixed schedule of eight rate announcements a year, roughly every six to seven weeks. Four of these meetings, typically in January, April, July and October, are accompanied by a Monetary Policy Report setting out the Bank’s economic projections, plus a press conference with the Governor. The other four, including this September meeting, are statement-only decisions with no press conference.
When is the September Bank of Canada decision announced?
The decision is due on Wednesday, September 2, 2026, at 9:45 am ET (2:45 pm London, and mid-afternoon in continental Europe). The Bank releases a short statement explaining the rate decision at this time. There is no press conference or Monetary Policy Report attached to this particular meeting, so market participants will have only the written statement to interpret on the day. A summary of the Governing Council’s deliberations is typically published around two weeks after each decision, giving more detail on how members weighed the arguments for holding, cutting or raising the rate.
The next meeting with a full Monetary Policy Report, including updated growth and inflation projections plus a press conference, is scheduled for October 28, 2026.
What to expect
The Bank of Canada has held its overnight rate at 2.25% for six consecutive decisions between December 2025 and July 2026, according to Trading Economics. That run followed an aggressive easing cycle: the Bank cut rates nine times between June 2024 and October 2025, taking the policy rate from 5% down to 2.25%, before pausing to assess the impact of US tariffs and a “structural adjustment” in the Canadian economy, in Governor Macklem’s words.
A consensus forecast for the September 2, 2026 decision has not yet been published by major polling organisations at the time of writing. Investors and economists typically firm up their expectations for a Bank of Canada meeting in the days beforehand, based on domestic inflation and jobs data released in the intervening weeks, and on pricing in the overnight index swap (OIS) market, which reflects what traders are willing to pay to hedge against a rate move. Readers should check nearer the date for updated pricing from sources such as Reuters polls or Bloomberg surveys.
The table below shows the Bank’s last several decisions, each sourced from the Bank of Canada’s own press releases.

Meeting
Decision
Rate after meeting

September 17, 2025
Cut 25bp
2.50%

October 29, 2025
Cut 25bp
2.25%

December 10, 2025
Hold
2.25%

January 28, 2026
Hold
2.25%

March 18, 2026
Hold
2.25%

April 29, 2026
Hold
2.25%

June 10, 2026
Hold
2.25%

July 15, 2026
Hold
2.25%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 2.25%
A widely expected outcome after six straight holds would likely be read as a low-drama confirmation of the current stance, with attention shifting to the statement’s wording on tariffs and growth
Borrowing costs stay where they are for now, and the Bank signals it is watching the data rather than committing to a direction

Cut to 2.00%
A cut would suggest the Governing Council sees enough softness in jobs, growth or underlying inflation to justify further support, and could weaken the Canadian dollar against the US dollar and the euro
Cheaper borrowing for mortgages and business loans, but a signal that officials are more worried about the economy slowing than about inflation

Hike above 2.25%
Considered the least likely path by most commentary through mid-2026, a hike would be read as a response to a resurgence in inflation, possibly tied to tariff pass-through or a weaker currency, and could push the Canadian dollar higher
More expensive mortgages and loans, but potentially better returns on savings accounts and fixed-income investments

What will the statement and press conference signal?
Because this is a statement-only meeting, the main signal will come from the wording the Bank uses to describe growth, the labour market and the impact of US tariffs on Canadian exporters. Analysts typically parse phrases such as “proceeding carefully” or “prepared to respond” for hints about the Bank’s tolerance for further softness in the economy versus its resistance to reigniting inflation. Since the Bank of Canada does not publish individual votes, there is no dissent count to track in the way there is at the Federal Reserve or the Bank of England, though the summary of deliberations released roughly two weeks later can reveal how divided opinion was within the Governing Council.
Watch for any reference to the Canadian dollar, oil prices and global trade conditions, all of which the Bank has flagged as swing factors for its outlook through 2025 and 2026. Also worth watching is any language about the “neutral range” for interest rates, the level the Bank considers neither stimulative nor restrictive, since officials have previously described the current 2.25% rate as sitting near the low end of that range.
What It Means for Your Money
For Canadian homeowners, a hold at 2.25% means variable-rate mortgages and home equity lines of credit stay at their current level, while fixed-rate mortgage pricing is driven more by bond yields than by the overnight rate itself. A cut would lower monthly payments for variable-rate borrowers and could nudge fixed rates down too, while a hike would do the opposite. Savers with high-interest savings accounts or guaranteed investment certificates (GICs) would see slightly better returns if the Bank holds firm or raises rates, and somewhat lower returns if it cuts.
For credit cards and personal loans, most of which track the prime rate, a Bank of Canada hold keeps borrowing costs stable, while a cut typically feeds through to lower prime rates within a matter of weeks. Currency markets watch the decision closely too: a surprise cut tends to weaken the Canadian dollar against the US dollar, the pound and the euro, making imports from the UK and Europe more expensive for Canadian consumers and businesses, while a surprise hike tends to strengthen it.
Pension funds and stock market investors, both in Canada and internationally, use the Bank’s rate path to price bonds and equities. Lower Canadian rates generally support share prices by reducing the appeal of holding cash, while also affecting how UK and European pension funds with Canadian dollar exposure value their holdings. For UK and eurozone readers, the Bank of Canada’s decisions are watched less directly than those of the Federal Reserve or European Central Bank, but they still feed into broader expectations about how resilient North American demand is for UK and European exporters selling into Canada.
Related events

Previous decision: Bank of Canada held rates at 2.25% on July 15, 2026
Next decision: the Bank of Canada’s following scheduled announcement, with a full Monetary Policy Report and press conference, is October 28, 2026
Full schedule and background on all Bank of Canada meetings: Bank of Canada Rate Decision

Frequently Asked Questions
What time is the Bank of Canada decision announced?
The decision is released at 9:45 am ET on September 2, 2026, which is 2:45 pm in London.
Will the Bank of Canada cut rates in September 2026?
This is not yet known. The Bank has held its rate at 2.25% for six consecutive decisions through July 2026, and any move will depend on inflation and labour market data released in the weeks before the meeting.
What is the Bank of Canada’s current interest rate?
The overnight rate target has stood at 2.25% since the Bank’s last cut on October 29, 2025, most recently confirmed by a hold on July 15, 2026.
What is the Bank of Canada’s current interest rate?
The overnight rate target has stood at 2.25% since the Bank’s last cut on October 29, 2025, most recently confirmed by a hold on July 15, 2026.
When is the next Bank of Canada meeting after September 2026?
The next scheduled decision is October 28, 2026, which will include a full Monetary Policy Report and a press conference with the Governor.
Where can I watch the announcement?
The Bank of Canada publishes the statement directly on its website at the time of release. There is no press conference for this particular meeting since it is a statement-only decision.
Results: Bank of Canada Rate Decision, September 2026

Measure
Consensus
Actual
Prior

Overnight rate target
Hold at 2.25%
Held at 2.25%
2.25% (held July 15, 2026)

Bank Rate
2.50%
2.50%
2.50%

Deposit rate
2.20%
2.20%
2.20%

The Bank of Canada held its overnight rate target at 2.25% on September 2, 2026, a seventh straight hold and a decision that Trading Economics described as fully “as expected by markets”. The Governing Council’s statement, published on the Bank of Canada’s website, said the Canadian economy had undergone a broad recovery in the second quarter, but flagged that upside risks to inflation had increased, pointing to higher gasoline prices linked to the ongoing conflict in the Middle East and continuing US tariffs.
This lands closest to the “hold at 2.25%” scenario set out ahead of the meeting, but with a twist: rather than the low-drama confirmation many had expected, the statement carried what several outlets, including InvestingLive, called a “modestly hawkish tilt”. The Bank noted that financial conditions had tightened since July, that long-term bond yields had moved up globally including in Canada, and that the Canadian dollar had appreciated slightly on US dollar weakness.
Because this was a statement-only meeting, there was no press conference or updated Monetary Policy Report to accompany the release, and no vote count was published, consistent with the Bank of Canada’s usual practice of reaching decisions by consensus rather than a recorded ballot.
Market Reaction
The Canadian dollar and shorter-term Government of Canada bond yields rose immediately after the release and the accompanying commentary, a move that the Globe and Mail said suggested traders were digesting the statement as slightly hawkish rather than a routine hold. The reaction reflected the Bank’s flagged concern over rising inflation risks, which reduced near-term expectations of a rate cut at the Bank’s next full decision, due October 28, 2026, when the Bank will also publish an updated Monetary Policy Report and hold a press conference.
Canada’s 10-year government bond yield had already been drifting higher into the decision, trading near 3.74% on September 1, 2026 according to Trading Economics, and continued to firm alongside the currency in the hours after the announcement. For UK and eurozone investors, the reaction was a reminder that North American bond markets remain sensitive to inflation risk even where central banks are holding rates steady, a dynamic that has also weighed on gilt and Bund yields through 2026.
What this means for your money now
For Canadian mortgage holders, the hold keeps variable rates and most existing fixed-rate deals unchanged for now, but the statement’s hawkish undertone reduces the odds that the Bank cuts again soon, so borrowers hoping for near-term relief on renewal may need to wait longer than previously expected. Savers with high-interest accounts and GICs keep their current returns for now, with less likelihood of a near-term drop.
The modest strengthening of the Canadian dollar makes imports from the UK and eurozone marginally cheaper for Canadian consumers and businesses, while UK and European exporters selling into Canada see a small currency tailwind. The bigger signal for global investors is the statement’s emphasis on rising inflation risk tied to tariffs and Middle East-driven energy prices, a theme that echoes concerns at other major central banks and could keep long-term borrowing costs elevated into the October 28, 2026 decision.

Beige Book September 2026
2026-09-02 14:00 - 15:00 (America/New_York)
Beige Book: Economic activity expanded modestly since mid-July; employment rose very slightly; prices increased moderately; outlook described as positive but mixed by sector (Wednesday, September 2, 2026 at 2:00 pm ET (7:00 pm London)).

Actual
Economic activity expanded modestly since mid-July; employment rose very slightly; prices increased moderately; outlook described as positive but mixed by sector

Full schedule and background: Beige Book.
Updated September 3, 2026

The Federal Reserve’s September 2026 Beige Book, published on September 2, 2026, described US economic activity as expanding modestly since mid-July, with employment rising only very slightly and prices increasing moderately across most districts.
The Beige Book is a qualitative report on economic conditions across the United States, published by the Federal Reserve eight times a year. The September 2026 edition is released on Wednesday, September 2, 2026 at 2:00 pm ET (7:00 pm London time). It is not a rate decision: it is a briefing document that feeds into the Federal Open Market Committee’s (FOMC) discussion at its next meeting, scheduled for September 15 to 16, 2026. Full schedule and background: Beige Book.
What is the Beige Book and what does it decide?
The Beige Book does not decide anything itself. It is a summary of anecdotal information on current economic conditions, gathered by each of the twelve regional Federal Reserve Banks through interviews with business contacts, economists, market experts and other sources in their district. One regional bank compiles and writes the national summary on a rotating basis.
The report covers areas such as employment, wages, prices, consumer spending, manufacturing, real estate and lending conditions. Because it is qualitative rather than numeric, it does not contain a headline figure the way a jobs report or inflation reading does. Instead it gives policymakers and markets a sense of how conditions are shifting on the ground, ahead of the FOMC’s own reading of hard economic data.
The FOMC is the Federal Reserve committee responsible for setting the target range for the federal funds rate, the interest rate at which banks lend reserves to one another overnight. It comprises the seven members of the Federal Reserve Board, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional bank presidents on a rotating basis. The FOMC meets eight times a year, and the Beige Book is published roughly two weeks before each of those meetings.
When is the September 2026 Beige Book published?
The report is due Wednesday, September 2, 2026 at 2:00 pm ET (7:00 pm in London). There is no press conference attached to the Beige Book, and it does not include economic projections or a dot plot, those accompany the FOMC’s own statement. The next FOMC statement, following this Beige Book, is expected on September 16, 2026, alongside an updated Summary of Economic Projections.
The report is released simultaneously to the public on the Federal Reserve’s website, with no embargoed access for market participants.
What to expect
Because the Beige Book is descriptive rather than numeric, there is no consensus forecast in the way there is for a rate decision or a jobs report: a consensus forecast has not yet been published for this specific edition, and none is typically compiled by data providers such as Reuters or Bloomberg for this release. Analysts instead watch for changes in tone compared with the prior edition, published in mid-July 2026, particularly language around labour market softening, tariff-related price pressures, and consumer spending resilience.
Market pricing for the September 16, 2026 FOMC decision, tracked by tools such as the CME FedWatch tool, reflects expectations built from incoming inflation and employment data rather than the Beige Book itself. Because the exact rate path for meetings between the writing of this page and September 2026 has not yet been confirmed, readers should check the Federal Reserve’s official FOMC calendar and statements for the confirmed decision and rate level at each meeting, rather than relying on any figure quoted here in advance.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Beige Book describes a cooling labour market
Traders may raise the odds of a rate cut at the September FOMC meeting, according to commentary typically seen from economists surveyed by Reuters
If businesses report hiring freezes or layoffs across several districts, it strengthens the case for the Fed to lower borrowing costs to support growth

Beige Book describes persistent price pressures
Markets may trim expectations for near-term rate cuts
If firms report they are still passing on higher costs to customers, it suggests inflation is not yet fully under control, which argues for the Fed to hold rates steady for longer

Beige Book describes broadly stable, modest growth
Muted market reaction, seen as consistent with a “wait and see” Fed
If conditions look steady across most districts, it gives the FOMC little new reason to change course from its current stance

What will the statement and press conference signal?
The Beige Book itself carries no statement or press conference, but it shapes the discussion at the September FOMC meeting. Analysts watching that meeting will look for forward guidance on the pace of future rate moves, the likelihood of dissenting votes among committee members, and any changes to the pace at which the Fed is reducing its balance sheet, the stock of Treasury and mortgage bonds it holds from previous rounds of quantitative easing. A press conference with the Federal Reserve Chair typically follows the rate announcement, generally at 2:30 pm ET.
What It Means for Your Money
The Beige Book itself will not move mortgage rates or savings rates on its own, but it can shift expectations for what the Fed does next, which does affect borrowing costs. If the report points to a weakening labour market, expectations of a rate cut can pull down yields on US Treasury bonds, which influences fixed mortgage rates in the United States and, to a lesser extent, sentiment in UK and eurozone bond markets given how closely global rates are linked.
For savers, an increased chance of Fed rate cuts can mean falling returns on cash savings and money market funds over time, though existing fixed-rate savings products are unaffected until they mature. For borrowers with credit cards or variable-rate loans, a softer Fed tone is generally good news, as it raises the odds that borrowing costs ease later in the year.
Currency markets can react to a Beige Book that surprises on either side: a notably weak report can pressure the US dollar lower against the pound and the euro if it raises the odds of Fed cuts, while a stronger-than-expected report can support the dollar. For pension savers and stock market investors, expectations of lower US rates have often supported equity valuations, though this is a general pattern rather than a guarantee, and outcomes vary by sector and region.
Related events

The next Federal Reserve interest rate decision is due on September 16, 2026, following this Beige Book.
US inflation data (the Consumer Price Index) and the monthly jobs report are typically released in the weeks before each FOMC meeting and are watched alongside the Beige Book for signs of where policy is heading.
The previous Beige Book edition was published in mid-July 2026, ahead of the July FOMC meeting.

Frequently Asked Questions
What time is the September 2026 Beige Book released?
It is published at 2:00 pm ET on Wednesday, September 2, 2026, which is 7:00 pm in London.
Does the Beige Book set interest rates?
No. It is a qualitative economic summary used by the Federal Open Market Committee as background for its rate decisions, not a decision itself.
When is the next Federal Reserve rate decision?
The FOMC is scheduled to meet on September 15 and 16, 2026, with the rate announcement due on September 16.
Where can I read the Beige Book?
It is published free on the Federal Reserve’s official Beige Book page.
Is there a consensus forecast for the Beige Book?
No. Because it is a narrative report rather than a numeric release, economists do not typically publish a consensus forecast for its content.
Results: Beige Book, September 2026

Measure
Consensus
Actual
Prior

Overall activity
Not applicable (qualitative report)
Expanded modestly since mid-July, described as “positive” but mixed by sector
Modest growth reported in the July 15, 2026 edition

Employment
Not applicable
Rose very slightly overall; three districts reported modest gains, four slight gains, five no change
Employment edged up in July, labour demand mixed

Prices
Not applicable
Increased moderately in eight of twelve districts; one district reported robust increases
Firms passing on higher costs in the July edition

The September 2, 2026 Beige Book, published by the Federal Reserve at 2:00 pm ET, described US economic activity as having expanded modestly over the two months since the previous edition, with growth driven in part by demand from data centres, according to Bloomberg. The outlook for coming months was characterised as positive, though sentiment varied across sectors amid uncertainty over energy prices, trade policy and geopolitical tensions.
Employment rose only very slightly across the twelve districts, a softer reading than headline job growth might have suggested, with five districts reporting no change at all. Prices increased moderately in most districts, with one district describing the increases as robust, a continuation of the pattern seen in the July edition and consistent with the FOMC’s ongoing concern about inflation not being fully back to target. Because the report is qualitative, there was no numeric consensus for it to beat or miss, so the release was read primarily as a directional confirmation of modest growth alongside sticky pricing pressure, roughly in line with the “broadly stable, modest growth” scenario outlined ahead of the release, though with slightly firmer price language than that scenario implied. Full schedule and background: Beige Book.
Market Reaction
Equities rose modestly on September 2, 2026, with Treasury yields easing slightly after the release, according to CNBC’s market coverage. The Beige Book’s direct market impact was limited, consistent with its usual role as background colour for the FOMC rather than a standalone catalyst.
The bigger driver of rate expectations heading into the September 15-16 FOMC meeting was not the Beige Book itself but comments from Fed Governor Kevin Warsh, which pushed the odds of a rate move sharply higher on the CME FedWatch tool, according to CNBC. The moderate price language in the Beige Book added modest support to the case that inflation pressures have not fully faded, reinforcing rather than reversing that shift in rate expectations, though traders continued to treat the FOMC’s own statement and projections on September 16 as the more decisive event for the rate path.
What this means for your money now
The Beige Book’s description of modest growth alongside moderate price increases does not, on its own, change the outlook for mortgages or savings rates. What matters more for households and investors in the United States, the UK and the eurozone is the September 16 FOMC decision, where firmer rate-hike odds following recent commentary could mean borrowing costs stay higher for longer than some had expected earlier in the summer. Savers holding cash or money market funds may see little near-term change, while anyone with a variable-rate mortgage or loan should watch the FOMC statement itself rather than this report for a clearer signal.

ECB Rate Decision September 2026
2026-09-10 07:45 - 08:45 (America/New_York)
Next ECB Rate Decision: Thursday, September 10, 2026 at 1:45 pm CET (7:45 am ET, 12:45 pm London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: ECB Rate Decision.
Updated August 25, 2026

← Previous ECB Rate DecisionNext ECB Rate Decision →
The European Central Bank (ECB) Governing Council will announce its monetary policy decision on Thursday, September 10, 2026, at 13:45 CET. The decision will be followed by ECB President Christine Lagarde’s press conference at 14:30 CET. The ECB’s deposit facility rate currently stands at 2.00%, with market pricing as of early June 2026 indicating a near-certain hike to 2.25% at the June 11 meeting, driven by inflation pressures from elevated energy costs following geopolitical tensions in the Middle East. The September meeting will take stock of the full summer data flow, including eurozone CPI, Q2 GDP, and labour market statistics, to determine whether further tightening, a pause, or eventual easing is warranted.
The European Central Bank and Its Mandate
The European Central Bank (the ECB) is the monetary authority for the 20 member states of the euro area. Its primary mandate, as established by the Treaty on the Functioning of the European Union, is to maintain price stability, defined as headline HICP (Harmonised Index of Consumer Prices) inflation close to but below 2% over the medium term. Unlike the US Federal Reserve, the ECB has a single primary mandate of price stability, though it supports the European Union’s broader economic objectives, including growth and employment, provided these do not conflict with price stability.
The Governing Council, which makes monetary policy decisions, consists of the six members of the ECB’s Executive Board and the governors of the national central banks of all 20 euro area member states. Decisions are made by consensus or, when needed, by simple majority. The ECB’s key interest rates are the deposit facility rate (the rate banks earn on overnight deposits with the ECB), the main refinancing operations rate, and the marginal lending facility rate. The deposit facility rate, currently at 2.00%, is the ECB’s most operationally relevant benchmark for market pricing.
ECB September Meeting: September 10, 2026
The September 10 Governing Council meeting arrives after a pivotal summer for the eurozone economy. The ECB had been cutting rates through late 2024 and into 2025, bringing the deposit facility rate down from 4.00% to 2.00%. However, the energy price shock of 2026, driven by Middle East geopolitical tensions, forced a reassessment: ECB inflation projections for 2026 were revised to 2.6% (from earlier estimates of around 2.0%), and market pricing in early June showed near-unanimous expectation of a hike to 2.25% at the June 11 meeting.
For September, the outcome will depend on whether the June hike signalled the start of a new tightening cycle or a one-off adjustment to address an energy-price spike. ECB staff projections published in June and September will inform the committee on whether inflation is expected to return to the 2% target by 2027-2028 and whether second-round effects, such as wage growth and services inflation, have materialised. The decision will be announced at 13:45 CET, with President Lagarde’s press conference at 14:30 CET.
What to Expect
Whether the ECB holds, cuts, or hikes further in September depends on the inflation trajectory between the June and September meetings. If the June 11 hike to 2.25% represented a temporary adjustment and the subsequent data shows inflation returning towards 2%, the September meeting could see the ECB pause or even signal a return to easing. If, however, energy prices remain elevated and second-round effects push core inflation higher, the ECB may hike again to 2.50%.
The ECB’s broader economic context differs from the US: the eurozone is more exposed to energy price shocks given its dependence on imported energy, and its growth outlook is more fragile. The stagflation risk, where inflation forces tightening even as growth slows, was explicitly cited in ECB communications around the April 30, 2026 hold decision. The ECB Rate Decision June 2026 will be the most critical reference point for the September decision.
Rate Decision History

Date
Decision
Deposit Rate
Notes

Mar 2026
Hold
2.00%
Inflation 2.6% forecast 2026

Apr 2026
Hold
2.00%
Stagflation risk cited

Jun 2026
TBD (Jun 11)
TBD (mkt: 2.25%)
98% hike probability

Jul 2026
TBD (Jul 23)
TBD
Post-June decision

Sep 2026
TBD (Sep 10)
TBD
This meeting

Sources: European Central Bank; CNBC; Central Banking. Deposit rate shown is the ECB deposit facility rate. “TBD” indicates decisions pending at time of writing (June 2026). Market pricing from early June 2026.
Market Impact Scenarios

Hold (after assumed June hike) – A pause at whatever level the deposit rate stands post-June would signal the ECB is taking stock of data. Euro could weaken modestly if markets interpret the pause as the end of the tightening cycle. European equities might rally, particularly sectors sensitive to borrowing costs.
Further hike (+25bp) – A September hike would signal the ECB has become structurally more hawkish. The euro would strengthen, European government bond yields would rise, and rate-sensitive sectors would sell off. This scenario would require sustained evidence of second-round inflation effects.
Rate cut – A cut would represent a dramatic reversal and is only likely if inflation has collapsed and growth has deteriorated sharply. Such an outcome would strongly support European equities and government bonds, and the euro would weaken as the rate differential with the US narrows.

Press Conference and Forward Guidance
ECB President Christine Lagarde’s press conference at 14:30 CET will elaborate on the Governing Council’s reasoning. Markets will listen for language on whether the ECB’s baseline inflation projections show convergence to 2% within the forecast horizon, and whether the risks to the outlook are “balanced” or “tilted to the upside”. Any indication that the ECB’s Staff Projections have revised inflation above 2% for a sustained period would argue for a more hawkish stance.
The ECB, unlike the Fed, publishes its staff macroeconomic projections at quarterly meetings: March, June, September, and December. The September projections will cover the eurozone inflation, GDP, and unemployment outlook through 2028, and any material revision from June’s numbers will dominate the post-decision press coverage and market reaction.
Related Events

ECB Rate Decision June 2026 – The June 11 decision is the most critical preceding reference point for September’s policy stance.
FOMC Rate Decision June 2026 – The US Fed’s June decision and dot plot set the global rate context against which ECB decisions are assessed by international investors.
Bank of England MPC Rate Decision June 2026 – The BoE’s June 18 decision provides context on UK monetary policy, which influences ECB thinking on cross-border economic conditions.

Frequently Asked Questions
What is the ECB’s deposit facility rate and how does it differ from the main refinancing rate?
The deposit facility rate is the interest rate banks receive for depositing excess liquidity with the ECB overnight. Since 2022, it has been the most operationally relevant ECB benchmark, as banks hold large excess reserves. The main refinancing operations (MRO) rate is the rate at which banks can borrow from the ECB for one week. The ECB has kept a consistent spread between these rates as part of its operational framework review.
When will the ECB September 2026 decision be announced?
The ECB Governing Council will publish its monetary policy decision at 13:45 CET on Thursday, September 10, 2026. President Lagarde’s press conference will begin at 14:30 CET. The ECB will also publish updated Staff Macroeconomic Projections for the eurozone at this meeting.
How does ECB policy affect UK and US markets?
ECB decisions affect the euro’s exchange rate against sterling and the dollar, directly influencing the earnings of European-exposed UK and US multinationals. Changes to eurozone interest rates also ripple through European bond markets, affecting the investment decisions of global bond investors who hold both euro area and US Treasury positions. A hawkish ECB tightening cycle tends to support the euro and can create competing demand for European government bonds versus US Treasuries.

FOMC Rate Decision September 2026
2026-09-16 14:00 - 15:00 (America/New_York)
Next FOMC Rate Decision: Wednesday, September 16, 2026 at 2:00 pm ET (7:00 pm London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: FOMC Rate Decision.
Updated August 25, 2026

← Previous FOMC Rate DecisionNext FOMC Rate Decision →
The Federal Open Market Committee (FOMC) will announce its interest rate decision on Wednesday, September 16, 2026, at 2:00 p.m. EDT, following a two-day meeting on September 15-16. This is a Summary of Economic Projections (SEP) meeting, meaning the FOMC will simultaneously release updated quarterly economic forecasts and the “dot plot” of individual member rate expectations. The September meeting is historically one of the most anticipated of the year, as it falls midway through the third quarter and provides the first full picture of how the Fed has revised its outlook for growth, inflation, and the rate path heading into year-end. The federal funds rate currently stands at 3.50% to 3.75%, held through multiple meetings in 2026 as the FOMC navigates elevated inflation and a resilient labour market.
The Federal Reserve and the FOMC
The Federal Open Market Committee is the monetary policy-setting body of the Federal Reserve (the Fed). It meets eight times per year, with four of those meetings producing a Summary of Economic Projections (SEP) and dot plot: March, June, September, and December. The September meeting is a pivotal one in the annual calendar. It comes after the summer data flow, covering Q2 GDP and July-August inflation and employment readings, and it sets up the final two meetings of the year (October and December). It is at September meetings that the Fed has historically made some of its most significant policy pivots, as the committee can draw on a full half-year of data to assess whether the pace of disinflation or growth slowdown warrants action.
The FOMC’s dual mandate is maximum employment and price stability. The Fed targets headline PCE inflation at 2% over the longer run, and the September SEP will include updated projections for PCE and core PCE inflation, real GDP growth, unemployment, and the federal funds rate path. These projections are the closest thing the Fed publishes to a formal policy commitment, though they are not binding and can be revised at subsequent meetings.
FOMC September Meeting: September 15-16, 2026
The September 2026 meeting is one of the most consequential of the year. By September, the committee will have data through August 2026 for all major indicators: CPI, PCE, NFP, retail sales, and GDP (including the Q2 2026 advance estimate due in late July). This rich data set will allow the FOMC to make an informed decision about whether the inflation trajectory and economic growth have evolved sufficiently to justify either a rate cut or a continued hold.
The March 2026 SEP, the most recent available at the time of writing, indicated just one rate cut expected in all of 2026. If the June and September SEPs maintain or shift this projection, markets will adjust their rate expectations accordingly. A September SEP that shows two cuts now expected in 2026 (implying one at either September or a later meeting) would be interpreted as a dovish shift, likely boosting equities and Treasuries. A SEP with zero expected cuts in 2026 would be hawkish and push yields higher. The decision will be announced at 2:00 p.m. EDT, with Fed Chair Powell’s press conference beginning at 2:30 p.m. EDT.
What to Expect
Whether the FOMC cuts, holds, or hikes at September 2026 depends on a data flow that has not yet occurred. The key variables are the trajectory of core PCE inflation, the strength of the labour market, and GDP growth in Q2 2026. If core PCE has moderated towards 2.2-2.3% by September, and NFP has shown a clear cooling trend, the September meeting becomes a live candidate for the first rate cut since December 2025. If core PCE remains above 2.5% and the labour market stays tight, another hold is the base case.
Geopolitical factors, particularly the Middle East energy price shock of 2026, will have had time to either recede or intensify by September. The Fed’s ability to look through temporary energy-driven inflation (while cutting on the basis of contained core inflation) depends on inflation expectations remaining anchored, which the FOMC monitors through breakeven inflation rates and consumer/business surveys. The FOMC Rate Decision June 2026 on June 17 and the July 28-29 meeting will both set important precedents for how September is interpreted.
Rate Decision History

Date
Decision
Rate (Target Range)
Vote

Sep 2025
-25bp
4.00%-4.25%
n/v

Nov 2025
-25bp
3.75%-4.00%
n/v

Dec 2025
-25bp
3.50%-3.75%
9-3

Jan 2026
Hold
3.50%-3.75%
n/v

Mar 2026
Hold
3.50%-3.75%
n/v

Apr 2026
Hold
3.50%-3.75%
8-4

Jun 2026
TBD (Jun 16-17, SEP)
TBD
TBD

Jul 2026
TBD (Jul 28-29)
TBD
TBD

Sources: Federal Reserve Board; CNBC; J.P. Morgan. “n/v” = vote not yet verified. All rates are the federal funds target range. SEP = Summary of Economic Projections meeting.
Market Impact Scenarios

Hold with dovish dot plot – A hold at 3.50%-3.75% accompanied by a dot plot shifting to show two cuts in 2026 (implying a December cut) would be interpreted as a near-cut signal. Treasury yields would fall, equities would rally, and the dollar would soften. This is the scenario that would most encourage risk-taking ahead of Q4 2026.
Cut (25bp) – A cut to 3.25%-3.50% would confirm the start of a new easing cycle. The market reaction would be strongly positive for equities and bonds, particularly if accompanied by a dot plot showing further cuts in 2027. The September 2026 cut would be the most anticipated easing step since the 2025 cycle began.
Hold with hawkish dot plot – A hold accompanied by a dot plot showing zero cuts in 2026 (or even no cuts until 2027) would push yields sharply higher, pressure equities, and strengthen the dollar, indicating the Fed sees inflation as an ongoing constraint on easing.

Press Conference and Forward Guidance
The September press conference at 2:30 p.m. EDT is one of the most closely watched of the year, given the simultaneous release of the updated SEP and dot plot. Powell’s characterisation of the inflation trajectory and the committee’s confidence in inflation returning to 2% will set the tone for market expectations through year-end. Language around the “balance of risks” and the committee’s “readiness to adjust” will be parsed for any signal about October or December action.
The September 2026 SEP will also update projections through 2028, providing the most comprehensive picture of where the FOMC expects the federal funds rate to settle in the longer run. Any revision to the “longer-run neutral rate” estimate, currently around 3%, would be a significant market event in itself, as it defines the endpoint of any rate-cutting cycle.
Related Events

FOMC Rate Decision June 2026 – The June SEP meeting is the preceding comparable SEP decision and the most recent dot plot ahead of September.
US Employment Situation (Non-Farm Payrolls) June 2026 – Labour market data from June through August feeds into the Fed’s employment assessment at the September meeting.
US CPI Report June 2026 – CPI and PCE data through August are the critical inflation inputs for the September rate decision.

Frequently Asked Questions
Why is the September FOMC meeting particularly important?
September is a SEP meeting, meaning it produces updated economic forecasts and a dot plot alongside the rate decision. It falls at a natural midpoint in the second half of the year, when the Fed has sufficient data on Q2 economic performance to assess whether the full-year policy trajectory needs adjustment. Historically, September meetings have been associated with significant policy pivots, including the start of both easing and tightening cycles.
When will the FOMC September 2026 decision be announced?
The FOMC will publish its policy statement at 2:00 p.m. EDT on Wednesday, September 16, 2026. The Summary of Economic Projections and dot plot will be released simultaneously. Fed Chair Powell’s press conference begins at 2:30 p.m. EDT.
What is the FOMC dot plot and why is it released at September meetings?
The dot plot is a chart showing each FOMC member’s expectation for the appropriate federal funds rate at year-end for the current year and the next two years, plus the longer run. It is released at the four SEP meetings each year (March, June, September, December). Markets use the median dot to gauge the committee’s collective rate path, though individual projections can vary widely and the plot can change significantly between meetings.

Bank of England MPC Rate Decision September 2026
2026-09-17 07:00 - 08:00 (America/New_York)
Next Bank of England MPC Rate Decision: Thursday, September 17, 2026 at 12:00 pm GMT (7:00 am ET, 12:00 pm London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: Bank of England MPC Rate Decision.
Updated August 25, 2026

← Previous Bank of England MPC Rate DecisionNext Bank of England MPC Rate Decision →
The Bank of England’s Monetary Policy Committee (MPC) will announce its interest rate decision on Thursday, September 17, 2026, at 12:00 GMT. The decision will be accompanied by the simultaneous release of the monetary policy summary and detailed voting minutes. The Bank Rate currently stands at 3.75%, held through multiple consecutive meetings in 2026 following three quarter-point cuts in 2025. The September meeting arrives after the BoE’s August Monetary Policy Report (MPR), which will have published updated staff forecasts for UK inflation, GDP, and unemployment, providing the full data context for the September decision. Market forecasters broadly expect 1-2 rate cuts in 2026, potentially placing September as a live candidate if UK inflation has shown meaningful progress towards the 2% target.
The Bank of England and the MPC
The Bank of England (the BoE) is the United Kingdom’s central bank and monetary authority. Its Monetary Policy Committee operates under a mandate to maintain price stability, defined as CPI inflation at 2%, as set by the UK government through the annual remit letter to the Governor. The MPC has nine members: the Governor, three Deputy Governors, the Chief Economist, and four external members, each with an equal vote and each casting that vote publicly. This transparency sets the BoE apart from most major central banks and allows markets to track shifting sentiment within the committee between meetings.
The MPC meets eight times per year, with four meetings producing a Monetary Policy Report (MPR) containing updated staff economic projections: February, May, August, and November. September is not an MPR meeting, meaning the September 17 decision will not be accompanied by new staff forecasts. However, the immediately preceding August MPR will have laid out the MPC’s most recent economic outlook and rate path guidance, which will define the context for September. The September 17 decision follows a July 30 meeting and precedes November 5 (MPR meeting).
MPC September Meeting: September 17, 2026
The September 17 meeting takes place after three months of UK data released since the June 18 decision, including the August MPR update. By September, the MPC will have reviewed data for July and August inflation (UK CPI and RPI), Q2 2026 GDP, July and August labour market reports, and the full summer data set. The August MPR will have provided the committee’s most recent projections, making September an assessment of whether the August outlook needs correction or confirmation.
The MPC’s internal divisions have been notable in 2026. February’s 5-4 hold (four members preferring a cut) contrasted sharply with April’s 8-1 hold (one member preferring a hike). This range reflects genuine disagreement about whether the current Bank Rate of 3.75% is appropriately calibrated given UK inflation, which has been elevated by energy costs from the Middle East conflict. Wage growth, which has been running above 4% year-on-year in the UK in early 2026, is a particular concern for those worried about domestically generated services inflation. The Bank of England MPC Rate Decision June 2026 on June 18 is the most recent available reference point.
What to Expect
Whether September 2026 delivers a rate cut depends primarily on the trajectory of UK CPI and wage growth through the summer. If August CPI has returned towards 2.5% or below, and wage growth has moderated below 4%, the MPC will face a strong case for resuming the easing cycle with a 25bp cut to 3.50%. The four members who voted to cut in February will likely maintain or strengthen that view if inflation is trending lower; the consensus-holder members from March and April would need convincing data to cross over.
The global context also matters. If the US Federal Reserve has cut at its September 15-16 meeting (which falls two days before the BoE’s September 17 decision), the dollar-sterling dynamic could influence the BoE’s assessment of imported inflation risks. A weaker dollar following a Fed cut would reduce the sterling downside risk from a BoE cut, making September more viable. The BoE explicitly monitors global central bank actions as part of its assessment of financial conditions.
Rate Decision History

Date
Decision
Bank Rate
Vote

May 2025 (MPR)
-25bp
4.25%
n/v

Aug 2025 (MPR)
-25bp
4.00%
n/v

Dec 2025
-25bp
3.75%
n/v

Feb 2026 (MPR)
Hold
3.75%
5-4 (4 cut)

Mar 2026
Hold
3.75%
9-0

Apr 2026
Hold
3.75%
8-1 (1 hike)

Jun 2026
TBD (Jun 18)
TBD
TBD

Sep 2026
TBD (Sep 17)
TBD
TBD

Sources: Bank of England; Cambridge Currencies. “n/v” = vote not yet verified. Three 25bp cuts in 2025 from 4.50% to 3.75%. MPR = Monetary Policy Report meeting (with forecasts). Feb 2026 vote: 5 hold, 4 cut. Apr 2026 vote: 8 hold, 1 hike.
Market Impact Scenarios

Cut (25bp) – A cut to 3.50% at September, if not already priced, would weaken sterling modestly, boost UK government bonds (gilts), and support rate-sensitive equities (housebuilders, REITs). This outcome would reflect growing confidence within the MPC that UK inflation is on a sustainable path back to 2%, and would likely be accompanied by a majority vote of at least 6-3.
Hold – A hold at 3.75% for a fourth consecutive 2026 meeting would signal that the MPC remains cautious about inflation risks, particularly services inflation and wage growth. Sterling might strengthen modestly. Gilt yields would hold or edge higher. The market would then focus on November as the next realistic cut opportunity given its MPR format.
Hike – A hike following one member’s dissent in April would represent a majority shift and would only occur if UK CPI had spiked significantly above 3% by September. Such an outcome would strongly support sterling and UK gilt yields while pressuring equities, particularly consumer and property sectors.

Press Conference and Forward Guidance
The Bank of England does not hold a traditional post-decision press conference for non-MPR meetings like September. The decision is communicated through the monetary policy summary and the MPC minutes, released simultaneously at 12:00 GMT. Governor Andrew Bailey may give speeches or media appearances in the following days, but the minutes themselves serve as the primary forward guidance document.
The vote breakdown will be the most important signal for markets. A move towards a majority favouring cuts (e.g., 5-4 in favour of cutting) would strongly signal a November cut, even if September produces a hold. Conversely, if the hike dissent from April has spread to two members, the market would reprice to remove cut expectations entirely and test sterling higher.
Related Events

Bank of England MPC Rate Decision June 2026 – The June 18 decision is the most recent available reference point for current BoE policy stance.
FOMC Rate Decision June 2026 – The US Fed’s June 16-17 decision and the September 15-16 FOMC meeting (immediately preceding BoE September) set the global rate context.
ECB Rate Decision June 2026 – The ECB’s trajectory influences UK-EU trade conditions and the broader European monetary policy environment that the BoE monitors.

Frequently Asked Questions
What is the difference between a Monetary Policy Report meeting and a regular MPC meeting?
At Monetary Policy Report (MPR) meetings, held in February, May, August, and November, the MPC publishes updated staff economic forecasts for UK inflation, GDP, and unemployment alongside the rate decision. These forecasts provide context for the rate decision and signal the MPC’s expected rate path. At non-MPR meetings (March, June, September, December), only the decision, summary, and minutes are released, without new forecasts. The August MPR, immediately preceding September, will have set the most recent forecast baseline.
When will the Bank of England September 2026 decision be announced?
The MPC will publish its monetary policy decision at 12:00 GMT on Thursday, September 17, 2026. The monetary policy summary and minutes will be released simultaneously. September is not an MPR meeting, so no updated staff economic projections will be published.
How does UK wage growth affect the MPC’s rate decisions?
The MPC monitors wage growth closely because it is a key determinant of services inflation, the component of UK CPI most influenced by domestic price-setting. When wage growth runs significantly above productivity growth, businesses face higher costs that often pass through into services prices, making it difficult for overall CPI to return to the 2% target. The BoE’s April 2026 Monetary Policy Report cited above-4% wage growth as a factor in its decision to hold, and any sustained moderation in wage growth would be among the strongest signals that a cut is warranted.

Bank of Japan Rate Decision September 2026
2026-09-18 00:00 - 23:59 UTC
Next Bank of Japan Rate Decision: Friday, September 18, 2026 at 12:00 pm JST (11:00 pm ET, 4:00 am London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: Bank of Japan Rate Decision.
Updated August 25, 2026

← Previous Bank of Japan Rate DecisionNext Bank of Japan Rate Decision →
The Bank of Japan (BoJ) will announce its September 2026 monetary policy decision on Friday, 18 September 2026. The Policy Board meets over two days (17-18 September), with “The Bank’s View” statement released on 18 September. As of June 2026, the uncollateralized overnight call rate stands at 0.75%, unchanged since December 2025. The September meeting is a non-Outlook Report meeting, sitting between the July and October quarterly publications, but may be pivotal if the July meeting did not deliver a hike and inflation data through the summer continues to support further tightening.
Bank of Japan Monetary Policy Decision: September 18, 2026
September’s meeting is the sixth of eight scheduled Bank of Japan monetary policy meetings in 2026. It falls between the July Quarterly Outlook Report meeting and the October Quarterly Outlook Report meeting. While September does not produce a full updated forecast publication, it can still be the meeting at which the Board decides to move rates if data and conditions support action.
The BoJ’s April 2026 decision was marked by a 6-3 vote with three Policy Board members favouring an immediate hike to 1.0%. The Bank’s leadership has consistently described real interest rates as “extremely low” and signalled a continued intent to adjust the “degree of monetary accommodation” in line with evolving economic conditions. The trajectory of Japan’s inflation and wages through the summer months will determine whether September or October becomes the decision point for the next hike.
What to Expect
By September, the Policy Board will have access to CPI data for July and August 2026. Japan’s core CPI has been tracking above 2% through 2026, and the BoJ’s April forecast projected 2.8% core inflation for fiscal 2026. If summer data confirms this trend, the Board has strong justification for hiking to 1.0%. If inflation eases meaningfully toward 2% or below, the Board is more likely to hold and wait for the October Quarterly Outlook Report before making its next move.
The labour market will also be a key input. Japan’s job-to-applicant ratio has remained elevated, and nominal wages have grown meaningfully following the 2026 spring shunto. The BoJ will review these data together with consumption and activity indicators to assess whether the positive wage-price cycle it has been awaiting is genuinely entrenched.
Global conditions will influence September’s decision. The FOMC meets on 15-16 September, the two days immediately before the BoJ’s 17-18 September meeting. A Federal Reserve hold or cut would be interpreted as a global disinflationary signal and could strengthen the case for the BoJ to hold at September, while a hike would reinforce the case for action. The yen’s level heading into September will also be a factor: any further weakening would increase imported inflation and add pressure on the BoJ to act.
Rate Decision History

Date
Decision
Rate
Vote

April 2026
Hold
0.75%
6-3

March 2026
Hold
0.75%
8-1

January 2026
Hold
0.75%
Majority

December 2025
Hike +25bp
0.75%
Majority

October 2025
Hold
0.50%
Majority

July 2025
Hold
0.50%
Majority

June 2025
Hold
0.50%
Majority

January 2025
Hike +25bp
0.50%
Majority

Market Impact Scenarios

Hold at current rate – A hold would be taken as data-dependent caution, particularly if inflation data from July and August does not clearly support a hike. The yen may weaken modestly. The Nikkei 225 would benefit from yen softness. JGB yields would hold. Markets would immediately shift attention to the October Quarterly Outlook Report meeting as the next potential hike point. A hold at September with no change in forward guidance would be seen as neutral to slightly dovish.
Hike 25bp – A hike to 1.0% (assuming July held) would confirm the BoJ’s commitment to normalisation. The yen would strengthen meaningfully, JGB yields would rise, and the Nikkei 225 would likely sell off on yen strength and higher borrowing cost concerns. Global carry trade positions would face pressure. The press statement’s language about further hikes beyond 1.0% would be the primary market driver after the initial reaction to the rate move itself.
Hold with hawkish guidance – A hold accompanied by more explicit language about the conditions for a September or October hike would be taken as directionally hawkish without the immediate market disruption of an actual hike. Yen strengthening and JGB yield increases would be more modest than in a direct hike scenario.

Statement and Press Conference
As a non-Quarterly Outlook Report meeting, the September statement (“The Bank’s View”) will be shorter than the April or July reports. However, it will still contain the Policy Board’s current assessment of economic and price conditions, and any changes from the language used in prior statements will be closely analysed by market participants. The Governor will hold a press conference following the announcement.
Particular attention will be paid to whether the characterisation of inflation changes between July and September: any upgrade from “broadly on track” to “sustainably above 2%” would signal that the Board is closer to the conditions it has set for further normalisation. Any reference to global risks, including energy prices and geopolitical uncertainty, would be taken as a signal for a potential hold or delay.
Related Events

FOMC Rate Decision September 2026 – The Federal Reserve’s September 15-16 decision, immediately before the BoJ’s September 17-18 meeting, providing critical context on the US-Japan rate differential.
Bank of England MPC Rate Decision September 2026 – The BoE’s September 17 decision, on the same day as the BoJ meeting begins, providing broader global context.
Bank of Japan Rate Decision July 2026 – The preceding BoJ quarterly decision on 31 July, likely to determine whether September is a pivotal or routine meeting.

Frequently Asked Questions
Is September typically a significant meeting for the Bank of Japan?
September is not a Quarterly Outlook Report meeting, which means it produces a shorter policy statement rather than the full updated economic projections published in January, April, July, and October. However, the Bank of Japan can and does move rates at any scheduled meeting based on data. In the current tightening cycle, whether September is a hike or a hold will depend on the inflation and wage data available at the time of the meeting, and on the Board’s assessment of global risk.
When is the September 2026 BoJ decision announced?
The decision will be released on Friday, 18 September 2026, following the two-day meeting on 17-18 September. The announcement typically occurs around midday JST (3:00-4:00 am GMT), with the Governor’s press conference following in the afternoon.
How does Japan’s core CPI affect the BoJ’s timing of rate hikes?
The BoJ uses core CPI (CPI excluding fresh food) as its primary inflation measure, targeting a sustainable rate of “around 2 percent”. The Bank has stated that it will continue to raise the policy rate as the economy and prices develop in line with its projections. If core CPI remains above 2% on a sustained basis, driven by both cost-push factors (energy, imports) and demand-pull factors (wages, domestic services), the Board will feel confident that the conditions for further normalisation are met. A sharp fall in core CPI, or evidence that the rise is entirely cost-push without wage support, would justify a pause.
Featured image: Photo by Clement Souchet on Unsplash.

PBoC Loan Prime Rate September 2026
2026-09-20 21:00 - 22:00 (America/New_York)
Next PBoC Loan Prime Rate: Monday, September 21, 2026 at 9:00 am CST (9:00 pm ET, 2:00 am London).

Consensus
Not yet published
Prior
Held at 3.00% (1-year) / 3.50% (5-year), August 20, 2026
Actual
Pending

Full schedule and background: PBoC Loan Prime Rate.
Updated August 25, 2026

The People’s Bank of China (PBoC) sets its Loan Prime Rate (LPR) for September on Monday, September 21, 2026, with the rate published at 9:00 am China Standard Time, which is 9:00 pm ET on Sunday, September 20 on the US East Coast, and 2:00 am in London on September 21. The LPR is China’s benchmark for new bank loans and mortgages, and it currently stands at 3.00% for the one-year tenor and 3.50% for the five-year-plus tenor. There is no press conference attached to the release; the National Interbank Funding Center simply publishes the two rates on the PBoC’s behalf. Full schedule and background: PBoC Loan Prime Rate.
What is the PBoC and what does it decide?
The People’s Bank of China is the country’s central bank. Unlike the US Federal Reserve or the Bank of England, it does not hold a single headline policy rate set by a voting committee that meets on a fixed schedule with published minutes. Instead, the PBoC’s main lever is the seven-day reverse repo rate, a short-term rate used in its daily money market operations. Commercial banks then use that rate, along with their own funding costs, to submit monthly quotes for the LPR.
Each month, 18 to 20 designated commercial banks submit their proposed one-year and five-year-plus LPR quotes to the National Interbank Funding Center. The centre strips out the highest and lowest quotes, averages the rest, and rounds to the nearest 0.05 percentage points. The PBoC authorises the publication of the result, effectively making the LPR a managed, market-referenced rate rather than a rate decided by a committee vote in the way Western central banks operate.
The one-year LPR is the reference for most corporate and short-term household borrowing. The five-year-plus LPR is the key reference for mortgage pricing across China, so it matters directly to homeowners and to the property sector, which remains a significant drag on Chinese growth.
When is the September PBoC decision announced?
The September LPR is set for release on Monday, September 21, 2026, at 9:00 am local time in Beijing (9:00 pm ET on September 20, 2:00 am in London on September 21). There is no accompanying statement, dot plot or press conference. The PBoC does, however, publish a quarterly Monetary Policy Report that gives more detail on its thinking, and its Monetary Policy Committee holds quarterly meetings that shape the broader stance feeding into the monthly LPR quotes.
What to expect
The one-year LPR has been held at 3.00% and the five-year-plus LPR at 3.50% every month since June 2025, according to BigGo Finance’s coverage of the August 2026 decision, which described the hold as the 15th consecutive month without a change. The last actual cut came in May 2025, when the PBoC lowered both tenors by 10 basis points (a basis point is one hundredth of a percentage point).
Ahead of the August 2026 decision, a Reuters poll of 25 market participants found that every respondent expected both rates to stay unchanged, according to Reuters reporting carried by WKZO. A specific published poll for the September decision was not available at the time of writing, but analysts cited in that survey argued the PBoC has “no rush to cut policy rates” while banks’ net interest margins, the difference between what banks earn on loans and pay on deposits, remain close to record lows, limiting room for further cuts.

Meeting
Decision
1-year LPR after meeting

March 20, 2026
Held
3.00%

April 21, 2026
Held
3.00%

May 20, 2026
Held
3.00%

June 20, 2026
Held
3.00%

July 21, 2026
Held
3.00%

August 20, 2026
Held
3.00%

The five-year-plus LPR has moved alongside the one-year rate at every one of these meetings, staying at 3.50% throughout, according to the PBoC’s own release schedule on the People’s Bank of China website.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold (both tenors unchanged)
Broadly neutral for onshore equities and the yuan; seen as consistent with the “no rush to cut” stance analysts have described to Reuters
Borrowing costs for households and firms stay exactly where they are, and existing mortgage rates linked to the LPR do not move

Cut (one or both tenors lowered)
Would likely be read as a signal that policymakers see growth weakening enough to justify fresh stimulus, and could weigh modestly on the yuan
New and some existing mortgages and business loans would get cheaper, but savers earning interest on deposits would see little direct change since deposit rates are set separately

Guidance shift without a rate move
Watched closely in the PBoC’s quarterly Monetary Policy Report and any signals around the reverse repo rate or reserve requirement ratio (RRR), the share of deposits banks must hold in reserve
No immediate change to loan costs, but hints at whether cuts are more or less likely in the coming months

What will the statement and press conference signal?
Because there is no press conference or statement attached to the LPR release itself, analysts instead watch three things around each monthly decision: the level of the seven-day reverse repo rate, which anchors bank funding costs and therefore their LPR quotes; comments from PBoC officials or the quarterly Monetary Policy Report about the reserve requirement ratio; and broader signals about the health of the property sector, since the five-year LPR feeds directly into mortgage pricing. A cut to the reverse repo rate ahead of an LPR meeting is generally seen as the clearest advance signal that banks will lower their LPR quotes. Any dissent within the banking sector about margins being too thin to support a cut is not something formally disclosed, unlike voting records at the Federal Reserve or Bank of England.
What It Means for Your Money
For anyone with a mortgage or business loan in China, the five-year-plus LPR sets the reference rate that many banks use, so a hold means no change to repayments this month, while a cut would lower costs for new borrowers and for existing borrowers whose loans reprice against the LPR. Chinese savings rates are set separately by individual banks and are not directly tied to the LPR announcement.
For readers outside China, the LPR decision feeds into the broader picture of Chinese growth, which affects global markets in several ways. A steady or lower LPR alongside weak Chinese demand can weigh on commodity prices, which in turn can affect inflation readings in the UK, the eurozone and the US. The Chinese yuan’s moves around LPR decisions can also ripple through to other Asian currencies and, at the margin, to the pound, the dollar and the euro, since China remains a major trading partner for Europe and the US. Investors holding funds with exposure to Chinese equities, or to companies that sell heavily into China such as luxury goods, mining and auto manufacturers, may see share prices react to signs of stronger or weaker Chinese stimulus. Pension funds with global or emerging-market allocations often carry some exposure to these swings, even if indirectly.
Related events

Full LPR schedule and history: PBoC Loan Prime Rate
The PBoC’s quarterly Monetary Policy Report and Monetary Policy Committee statements provide the fullest official commentary on the reasoning behind LPR moves
China’s monthly inflation (CPI and PPI) and trade data, released in the days before each LPR decision, are closely watched inputs into the PBoC’s thinking

Frequently Asked Questions
What time is the September 2026 PBoC LPR announced?
The rate is due at 9:00 am China Standard Time on September 21, 2026, which is 9:00 pm ET on September 20 and 2:00 am in London on September 21.
Will the PBoC cut rates in September 2026?
A specific published poll for September was not available at the time of writing, but the one-year and five-year LPRs have been held at 3.00% and 3.50% respectively for 15 consecutive months through August 2026, and analysts cited by Reuters have said policymakers are in “no rush” to cut.
What is the current Chinese Loan Prime Rate?
As of the August 20, 2026 decision, the one-year LPR is 3.00% and the five-year-plus LPR, the main mortgage reference rate, is 3.50%.
When is the next PBoC LPR decision after September?
The LPR is normally set on the 20th of each month, or the next business day if the 20th falls on a weekend or holiday, so the following decision would typically fall in October 2026.
Where can I watch the PBoC LPR announcement?
The rate is published directly on the People’s Bank of China website and simultaneously reported by major financial data providers and news wires.

SNB Rate Decision September 2026
2026-09-24 03:30 - 04:30 (America/New_York)
Next SNB Rate Decision: Thursday, September 24, 2026 at 9:30 am CEST (3:30 am ET, 8:30 am London).

Consensus
Not yet published
Prior
Held at 0% (June 18, 2026)
Actual
Pending

Full schedule and background: SNB Rate Decision.
Updated August 25, 2026

The Swiss National Bank’s Governing Board announces its next interest rate decision on Thursday, September 24, 2026, at 3:30am ET (8:30am London time, 9:30am CEST local time in Zurich and Bern). The decision follows the Governing Board’s quarterly monetary policy assessment and comes with a published policy statement, updated inflation forecast and a news conference. The SNB’s policy rate has stood at 0% since June 2025. Full schedule and background: SNB Rate Decision hub.
What is the SNB Governing Board and what does it decide?
The Swiss National Bank is Switzerland’s central bank, responsible for setting monetary policy with a legal mandate to ensure price stability while taking due account of economic developments. In practice this means keeping consumer price inflation within a range the SNB judges consistent with price stability, generally close to but not exceeding 2% a year, while avoiding unnecessary damage to growth and employment.
Monetary policy decisions are taken by the three-member Governing Board. As of the most recent assessments, the Board comprises Chairman Martin Schlegel, Vice Chairman Antoine Martin and Member Petra Tschudin. Unlike the US Federal Reserve or the Bank of England, the SNB does not publish individual votes or minutes of debate in the same format; instead it releases a summary of the discussion roughly four weeks after each decision.
The SNB conducts an in-depth monetary policy assessment four times a year, in March, June, September and December. Each assessment produces a rate decision, a medium-term conditional inflation forecast and a press conference where the Chairman explains the reasoning to journalists.
When is the September 2026 SNB decision announced?
The September assessment is scheduled for Thursday, September 24, 2026, with the decision communicated to the public at 9:30am CEST (3:30am ET, 8:30am London). The SNB publishes its policy statement and updated conditional inflation forecast at the same time, followed by a news conference with the Chairman and other Governing Board members. A written summary of the internal discussion is typically released around four weeks after the decision, in this case expected in late October 2026.
What to expect
The SNB has held its policy rate at 0% at every assessment since the June 2025 cut, including the meetings in September 2025, December 2025, March 2026 and June 2026. At the June 2026 assessment, the Governing Board said monetary conditions were appropriate given that medium-term inflationary pressure had remained virtually unchanged since the previous assessment, according to the SNB’s June 2026 press release. Economists and market pricing for the September 2026 meeting were not yet available at the time of writing; a consensus forecast has not yet been published for this specific date.
The table below shows the rate decisions from the SNB’s own published assessments over the past eight quarters.

Meeting
Decision
Rate after meeting

June 19, 2025
Cut 25bp
0%

September 25, 2025
Held
0%

December 11, 2025
Held
0%

March 19, 2026
Held
0%

June 18, 2026
Held
0%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 0%
Broadly neutral for the Swiss franc, seen as continuity given four consecutive holds
The SNB judges current inflation and growth conditions do not require a change, keeping borrowing costs where they are

Cut, potentially into negative territory
Franc likely to weaken; Swiss and eurozone bond yields could edge lower on read-through
The SNB would be signalling concern about weak inflation, a strong franc hurting exporters, or a slowing economy

Hawkish guidance shift without a rate move
Franc could firm modestly if the statement flags future tightening risk
Policymakers would be pointing to inflation moving back toward or above their comfort zone without acting immediately

What will the statement and press conference signal?
Analysts typically focus on three things in the SNB statement: the updated conditional inflation forecast (which shows where the Board expects prices to head assuming rates stay unchanged), any language on the franc’s exchange rate, and whether the Board leaves the door open to further cuts, including a return to negative interest rates, a tool the SNB has used before and referenced again as a possibility in 2025. Because the SNB does not publish a vote breakdown, dissent risk is harder to gauge than at the Fed or the Bank of England; instead, commentators watch changes in wording between one statement and the next for shifts in tone. The Chairman’s press conference remarks, delivered roughly 30 minutes after the written statement, often carry as much market-moving weight as the decision itself.
What It Means for Your Money
For UK and European readers, the SNB decision matters mainly through currency and safe-haven flows. The Swiss franc is widely used as a haven asset, so a surprise rate move can shift EUR/CHF and GBP/CHF rates, affecting the cost of Swiss holidays, imports from Switzerland, and returns on any Swiss franc-denominated savings or bonds held by European investors.
For UK mortgage holders and savers, the SNB decision itself has little direct effect on Bank of England policy, but it is one of several central bank signals that traders use to gauge the global direction of interest rates. A widespread move toward rate cuts by developed-market central banks tends to filter through to lower gilt yields over time, which can eventually feed into fixed mortgage rates and savings account returns, though the Bank of England’s own decisions matter far more.
For eurozone households, Switzerland’s proximity and trade links mean a weaker or stronger franc can change the price of Swiss goods and cross-border shopping, and can influence the European Central Bank’s own thinking about currency stability at the margin. For pension funds and investors holding Swiss equities or bonds, a rate change alters the relative attractiveness of Swiss assets versus eurozone or US alternatives, and can move the value of any unhedged franc exposure in a portfolio.
Related events

The previous SNB assessment was held on June 18, 2026, when the Governing Board left the policy rate unchanged at 0%.
The next scheduled SNB assessment after September 2026 falls in December 2026, following the bank’s usual March, June, September, December pattern.
Swiss consumer price inflation and labour market data released in the weeks before the September assessment typically shape the Governing Board’s updated inflation forecast.

Frequently Asked Questions
What time is the SNB September 2026 decision announced?
The decision is communicated at 9:30am CEST on September 24, 2026, which is 3:30am ET and 8:30am London time.
Will the SNB cut interest rates in September 2026?
No consensus forecast had been published for this specific meeting at the time of writing; the SNB has held its rate at 0% at each of its last four assessments.
What is the current SNB policy rate?
The SNB policy rate has stood at 0% since the cut announced on June 19, 2025, and was most recently confirmed unchanged at the June 18, 2026 assessment.
When is the next SNB decision after September 2026?
The SNB’s next scheduled monetary policy assessment falls in December 2026, in line with its usual quarterly cycle of March, June, September and December meetings.
Where can I watch the SNB press conference?
The SNB streams its policy statement and news conference live on its official website, snb.ch, with a recording typically posted shortly afterwards.

Riksbank Rate Decision September 2026
2026-09-24 03:30 - 04:30 (America/New_York)
Next Riksbank Rate Decision: Thursday, September 24, 2026 at 9:30 am CEST (3:30 am ET, 8:30 am London).

Consensus
Not yet published
Prior
Held at 1.75% (August 20, 2026)
Actual
Pending

Full schedule and background: Riksbank Rate Decision.
Updated August 25, 2026

The Riksbank, Sweden’s central bank, announces its next interest rate decision on Thursday, September 24, 2026, at 9:30 am CEST (3:30 am ET, 8:30 am London time). The decision follows the Executive Board’s monetary policy meeting and comes with a full Monetary Policy Report setting out the Riksbank’s updated forecasts. Full schedule and background: Riksbank Rate Decision hub.
Going into this meeting the policy rate stands at 1.75%, where it has been held since early 2026 after a run of rate cuts through 2025. There is no separate press conference time confirmed in the Riksbank’s published calendar for this specific date; the decision, minutes schedule and press release are issued at the time above.
What is the Riksbank and what does it decide?
The Riksbank is Sweden’s central bank and one of the oldest central banks in the world. Its primary task, set by law, is to maintain price stability, which it interprets as an inflation target of 2% measured by the CPIF (consumer price index with a fixed interest rate). It also has a secondary objective of supporting balanced economic growth and high employment, provided this does not conflict with the inflation target.
Decisions on the policy rate are taken by the Riksbank’s Executive Board, a group of board members who vote on the appropriate level of interest rates. If votes are split evenly, the Governor’s vote decides the outcome. The Board normally meets eight times a year to set monetary policy, publishing a rate decision and Monetary Policy Report at most of these meetings.
Because Sweden is a small, open economy with its own currency, the krona, the Riksbank pays close attention to developments at the European Central Bank and the US Federal Reserve, since large gaps in interest rates can move the krona sharply and feed through to imported inflation.
When is the September Riksbank decision announced?
The announcement is scheduled for September 24, 2026 at 9:30 am CEST (3:30 am ET, 8:30 am London). The Riksbank typically publishes the policy rate decision, an accompanying press release, and a Monetary Policy Report with updated growth and inflation forecasts on the same morning. Minutes from the meeting are normally released roughly a week after the decision, giving more detail on how individual board members voted and their reasoning.
What to expect
The Riksbank left the policy rate unchanged at 1.75% at its most recent confirmed decision, in August 2026, having already held rates steady since the start of the year following three cuts during 2025, according to the Riksbank’s own press releases. A consensus forecast for the September meeting has not yet been published; economists and markets typically firm up expectations closer to the decision date as fresh Swedish inflation and labour market data arrive.
The table below sets out recent confirmed Riksbank decisions, sourced from the Riksbank’s own published materials. Rows for meetings not yet confirmed by the Riksbank have been omitted.

Meeting
Decision
Rate after meeting

January 2026
Held
1.75%

March 2026
Held
1.75%

June 2026
Held
1.75%

August 2026
Held
1.75%

September 2026
Decision pending
Currently 1.75%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Read as broadly neutral to mildly hawkish if guidance suggests rates stay at 1.75% for longer, according to how markets typically respond to unchanged Riksbank statements
Borrowing costs in Sweden stay where they are; the krona may hold steady or firm slightly if the tone is cautious about future cuts

Cut
Read as dovish, likely weakening the krona against the euro and dollar
Cheaper loans and mortgages for Swedish households, but a weaker krona can push up the price of imported goods

Hike
Would be a surprise given the current easing cycle, and would likely be read as strongly hawkish
More expensive borrowing in Sweden, but could support the krona and slow inflation further

What will the statement and press conference signal?
Analysts will focus on the Riksbank’s forward guidance, meaning the hints it gives about the likely path of rates over coming meetings rather than just the decision itself. Key questions include whether the Board still sees the current 1.75% level as appropriate for an extended period, how it characterises the state of Sweden’s labour market (which the Riksbank has flagged as weaker than expected), and whether inflation is seen as durably close to the 2% target or still running below it.
Watch also for any dissent among Executive Board members in the minutes, published roughly a week after the decision, and for commentary on the krona’s exchange rate, since a persistently weak krona can complicate the inflation outlook by making imports more expensive.
What It Means for Your Money
For people in Sweden, the policy rate feeds directly into mortgage rates, particularly for those on variable-rate or shorter fixed-rate home loans, and into returns on savings accounts. A hold at 1.75% means little immediate change to existing mortgage costs or deposit rates; a cut would gradually lower borrowing costs on loans and credit cards but also reduce what savers earn.
For UK and eurozone readers, the Riksbank decision matters mainly through the krona’s exchange rate and as a signal of how smaller developed-economy central banks are handling the tail end of their rate-cutting cycles. A weaker krona can make Swedish exports cheaper and imports into Sweden pricier, with knock-on effects for European supply chains and for investors holding Swedish equities or krona-denominated bonds. Pension funds and investors with exposure to Nordic markets should watch the tone of the statement for clues on the direction of Swedish bond yields and equity valuations over the following months.
Related events

Full Riksbank schedule and past decisions: Riksbank Rate Decision hub
Sweden’s inflation (CPIF) data released ahead of each meeting typically shapes the Board’s decision
Labour market and unemployment figures from Statistics Sweden are watched closely given the Riksbank’s comments on a softer jobs market

Frequently Asked Questions
What time is the Riksbank decision announced?
The decision is announced at 9:30 am CEST on September 24, 2026, which is 3:30 am ET and 8:30 am London time.
What is the current Riksbank policy rate?
The policy rate has stood at 1.75% since it was held at that level in early 2026, following three rate cuts during 2025.
Will the Riksbank cut rates in September 2026?
A consensus forecast has not yet been published, so any move should be treated as a possibility rather than a prediction until closer to the meeting.
When is the next Riksbank decision after September 2026?
The Riksbank normally holds eight monetary policy meetings a year; check the Riksbank Rate Decision hub for the confirmed date of the following meeting.
Where can I watch the announcement?
The decision and Monetary Policy Report are published on the Riksbank’s official website, riksbank.se, at the time of the announcement.

Norges Bank Rate Decision September 2026
2026-09-24 04:00 - 05:00 (America/New_York)
Next Norges Bank Rate Decision: Thursday, September 24, 2026 at 10:00 am CEST (4:00 am ET, 9:00 am London).

Consensus
Not yet published
Prior
Held at 4.25% (August 12, 2026)
Actual
Pending

Full schedule and background: Norges Bank Rate Decision.
Updated August 25, 2026

Norges Bank’s Monetary Policy and Financial Stability Committee announces its September policy rate decision on Thursday, September 24, 2026, at 4:00 am ET (9:00 am London time, 10:00 am CEST in Oslo). The current policy rate stands at 4.25%, and the decision will be published alongside Monetary Policy Report 3/26, Norges Bank’s quarterly set of economic forecasts. Full schedule and background: Norges Bank rate decisions.
What is the Norges Bank Monetary Policy and Financial Stability Committee and what does it decide?
The Monetary Policy and Financial Stability Committee is the body inside Norges Bank, Norway’s central bank, that sets the policy rate, the interest rate at which banks can place overnight deposits with the central bank. Its mandate is to keep inflation low and stable, close to a target of 2% over time, while also supporting high employment and financial stability. The committee has five members, including the Governor, who currently is Ida Wolden Bache, and its decisions are taken by majority vote, though most recent decisions have been unanimous.
The committee meets eight times a year to decide on the policy rate. Four of these meetings, including September’s, are accompanied by a full Monetary Policy Report containing updated forecasts for growth, inflation, unemployment and the expected path of the policy rate over the following two to three years. A press conference follows each decision, giving the Governor the chance to explain the reasoning behind the vote and answer questions from journalists.
When is the September Norges Bank decision announced?
The rate decision is due at 10:00 am CEST (4:00 am ET, 9:00 am London time) on September 24, 2026. It will be published together with Monetary Policy Report 3/26, which sets out the committee’s updated policy rate forecast, known as the policy rate path. A press conference with Governor Ida Wolden Bache typically follows around 30 to 45 minutes after the written statement, usually broadcast in Norwegian with an accompanying introductory statement published in English. A summary of the committee’s deliberations is also released, giving more detail on the internal debate than the short policy statement alone.
What to expect
Norges Bank raised its policy rate from 4% to 4.25% at its May 2026 meeting, and has held it unchanged at 4.25% at both the June and August 2026 meetings. According to the bank’s own account of the August meeting, inflation had slowed and come in lower than projected over the summer, even as the committee had earlier flagged the possibility that a somewhat tighter policy stance might still be needed, according to Norges Bank’s August 2026 rate decision statement. The June 2026 Monetary Policy Report had pointed to a policy rate forecast just above 4.5% by the end of the year, according to Norges Bank’s Monetary Policy Report 2/2026, though the cooler summer inflation data has left room for debate over whether that path still holds. A consensus forecast from a major poll provider has not yet been published for the September meeting at the time of writing.

Meeting
Decision
Rate after meeting

January 21, 2026
Held
4.00%

March 25, 2026
Held
4.00%

May 6, 2026
Raised by 25bp
4.25%

June 17, 2026
Held
4.25%

August 12, 2026
Held
4.25%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 4.25%
Broadly expected given two consecutive holds and cooling summer inflation, according to Norges Bank’s own August statement
Norwegian mortgage and deposit rates stay where they are for now, with attention shifting to the updated policy rate path in Monetary Policy Report 3/26 for clues on the next move

Cut
Would be read as a signal that the committee judges inflation to be falling back towards target faster than expected
Cheaper borrowing in Norway, a potentially weaker krone against the pound, dollar and euro, and a sign that other European central banks may follow a similar path if inflation trends are shared regionally

Hike
Would surprise markets given the recent run of holds and the softer inflation data cited in August
More expensive mortgages and loans in Norway, a likely boost to the krone, and a signal that policymakers still see inflation risks as the greater danger

What will the statement and press conference signal?
Investors and analysts will focus on the updated policy rate path in Monetary Policy Report 3/26 to see whether the roughly 4.5% end-year projection from June has been revised down in light of the cooler summer inflation figures. Any language about the balance of risks between persistent cost pressures and a softening labour market will be scrutinised for hints about the pace and timing of further cuts or holds into 2027. Dissent within the five-member committee has been rare in 2026, so a split vote would itself be treated as a meaningful signal. The Governor’s introductory statement at the press conference usually gives the clearest steer on how the committee weighs these competing risks.
What It Means for Your Money
For Norwegian households, the policy rate directly affects mortgage rates, since most Norwegian mortgages track the policy rate closely, and any change feeds through to monthly repayments within weeks. A hold keeps existing mortgage costs stable, a cut would ease pressure on borrowers, and a hike would push repayments higher. Savers with Norwegian bank accounts see the same relationship in reverse: higher rates mean better returns on cash deposits, lower rates mean less interest earned.
Beyond Norway, the decision matters for currency markets. The Norwegian krone tends to strengthen when Norges Bank holds rates higher for longer relative to other central banks, and weaken when it signals cuts, affecting the cost of Norwegian imports and the value of Norwegian assets held by UK, eurozone or US investors. Norway’s oil-linked economy also means its rate path is sometimes watched as a read on how commodity-exposed economies are handling inflation, which can inform expectations for the European Central Bank and the Bank of England, both of which are also managing the trade-off between inflation and growth. For pension funds and investors with exposure to Norwegian equities, bonds or the krone, the rate path shapes expected returns, while global investors watching for divergence between Norges Bank, the Federal Reserve and the ECB may use the decision to gauge the wider direction of developed-market monetary policy.
Related events

The previous Norges Bank decision was announced on August 12, 2026, when the rate was held at 4.25%.
The next scheduled Norges Bank decision follows the eight-meetings-a-year calendar; check the Norges Bank rate decisions hub for the confirmed date.
Norwegian and eurozone inflation and labour market data released in the weeks before the meeting typically shape the committee’s updated forecasts in Monetary Policy Report 3/26.

Frequently Asked Questions
What time is the Norges Bank decision announced?
The decision is due at 10:00 am CEST in Oslo on September 24, 2026, which is 4:00 am ET and 9:00 am London time.
Will Norges Bank cut interest rates in September 2026?
It is not possible to predict the outcome. Norges Bank held its rate at 4.25% at both the June and August 2026 meetings after raising it from 4% in May, and a consensus forecast for September has not yet been published.
What is the current Norges Bank policy rate?
The policy rate has stood at 4.25% since the May 2026 meeting, held unchanged at both subsequent meetings in June and August 2026.
When is the next Norges Bank meeting after September?
Norges Bank’s committee meets eight times a year; the confirmed date for the next meeting after September 2026 can be found on the Norges Bank rate decisions hub.
Where can I watch the Norges Bank press conference?
Norges Bank publishes the statement, Monetary Policy Report and an English introductory statement from the Governor on its official website, with the press conference itself typically broadcast in Norwegian.

RBA Rate Decision September 2026
2026-09-29 00:30 - 01:30 (America/New_York)
Next RBA Rate Decision: Tuesday, September 29, 2026 at 2:30 pm AEST (12:30 am ET, 5:30 am London).

Consensus
Not yet published
Actual
Pending

Updated August 25, 2026

← Previous RBA Rate DecisionNext RBA Rate Decision →
The Reserve Bank of Australia (RBA) will announce its September 2026 interest rate decision on Tuesday, 29 September 2026, at 2:30 pm AEST. The Monetary Policy Board meets over two days (28-29 September), with the outcome published on the second day, followed by a press conference at 3:30 pm. The September meeting is a regular decision meeting, coming between the August quarterly Statement on Monetary Policy and the November SMP. As of May 2026, the cash rate target is 4.35%.
RBA Rate Decision: September 29, 2026
The September meeting is the sixth Monetary Policy Board decision of 2026, sitting between the August and November quarterly Statement on Monetary Policy meetings. At this stage in the hiking cycle, the Board will be assessing whether the three rate rises delivered in February, March, and May 2026 have been sufficient to cool inflation, or whether additional tightening is required.
The RBA has been navigating a challenging inflation environment in 2026. Services inflation has remained elevated due to labour market tightness, while energy and food prices have been pushed higher by the Middle East conflict. The May 2026 hike was delivered in an 8-1 vote, with the Board citing the need to bring underlying inflation back toward the 2-3% target band on a sustained basis. Since then, the Board has had the benefit of additional data from the June quarter CPI release and the August SMP to assess whether the hiking cycle is complete.
The decision will be announced at 2:30 pm AEST on Tuesday, 29 September 2026, followed by a press conference at 3:30 pm AEST.
What to Expect
The key indicator the Board will be watching ahead of September is the trimmed mean CPI for the September quarter, which will not be available until late October, after the September meeting. However, the Board will have access to monthly CPI indicator data from the ABS, which provides a more timely, if less precise, read on underlying inflation. If monthly indicators for July and August show continued moderation, the Board is more likely to hold in September. If they show a re-acceleration, a further hike becomes more credible.
Labour market conditions remain central. The RBA has repeatedly highlighted the role of wages growth in sustaining services inflation. Data on employment, unemployment, and the Wage Price Index published before September will inform the Board’s assessment. Any sharp deterioration in the labour market, such as a significant rise in unemployment, would change the calculus significantly, reducing the need for further rate hikes.
The global backdrop matters considerably for the RBA. China’s economic performance, commodity prices (particularly iron ore and coal), and the path of the US Federal Reserve’s policy rate all influence Australian financial conditions and the Board’s decision-making. The FOMC decision on 16 September (the day before the BoE’s September meeting) will provide an important read on global monetary conditions just two weeks before the RBA’s September decision.
Cash Rate Decision History

Date
Decision
Rate
Vote

May 2026
Hike +25bp
4.35%
8-1

March 2026
Hike +25bp
4.10%
Majority

February 2026
Hike +25bp
3.85%
Majority

November 2025
Hold
3.60%
Majority

September 2025
Hold
3.60%
Majority

August 2025
Cut 25bp
3.60%
Majority

May 2025
Cut 25bp
3.85%
Majority

February 2025
Cut 25bp
4.10%
Majority

Market Impact Scenarios

Hold at 4.35% (base case) – A hold is the most likely outcome if inflation data shows continued moderation. AUD would hold steady or weaken slightly as markets price in an eventual pivot toward cuts. The ASX 200 could rally modestly, particularly in property and consumer discretionary sectors. Bond yields would hold steady or fall slightly on the shorter end of the curve if the statement signals that the hiking cycle has ended.
Hike 25bp to 4.60% – A fourth consecutive hike would signal that the Board remains concerned about inflation persistence. AUD would strengthen 0.5-1.0% against the US dollar. Bond yields would rise. The ASX 200 would likely fall, with highly indebted Australian households particularly sensitive to further rate increases at this stage of the cycle. Consumer confidence and housing markets would both come under pressure.
Cut 25bp to 4.10% – A cut in September would only occur if there is strong evidence that inflation has fallen sharply and the economy is slowing meaningfully. This would be a significant surprise and would require a material deterioration in economic data over the July-August period. AUD would fall sharply. Bond prices would rally across the curve.

Statement and Press Conference
The Governor will hold a press conference at 3:30 pm AEST on 29 September 2026 following the rate announcement. As a non-SMP meeting, there will be no updated set of economic forecasts published alongside the decision. The post-decision statement will contain the Board’s current assessment of inflation, growth, and labour market conditions, and will include language indicating the Board’s inclination on future policy moves.
The September meeting minutes, released two weeks after the decision, will provide detail on the range of views within the Board and any changes in the balance of opinion toward future tightening or easing. Markets will also watch closely for any indication that the Board is beginning to discuss conditions under which it would consider cuts, rather than further hikes.
Related Events

FOMC Rate Decision September 2026 – The Federal Reserve’s September decision on 16 September, providing important global context two weeks before the RBA’s decision.
ECB Rate Decision September 2026 – The European Central Bank’s September decision on 10 September, another major central bank read on global inflation and monetary conditions.
Bank of England MPC Rate Decision September 2026 – The BoE’s September decision on 17 September, providing further context on advanced economy monetary policy.

Frequently Asked Questions
Does the RBA meet every month?
No. The Reserve Bank of Australia’s Monetary Policy Board meets eight times per year since moving from its previous 11-meeting-per-year schedule. The 2026 meeting dates are February, March, May, June, August, September, November, and December. Four of those meetings (February, May, August, November) are accompanied by the quarterly Statement on Monetary Policy with updated economic forecasts.
When is the September 2026 RBA decision announced?
The decision will be published at 2:30 pm AEST (4:30 am GMT) on Tuesday, 29 September 2026, following the two-day meeting on 28-29 September. The Governor holds a press conference at 3:30 pm AEST immediately after.
What impact does the RBA cash rate have on the Australian dollar?
The RBA cash rate influences the AUD by affecting the interest rate differential between Australia and other major economies. A higher Australian cash rate, relative to rates in the US, Europe, and Japan, makes AUD-denominated assets more attractive to global investors seeking yield, supporting the currency. A cut or surprise hold would typically weaken the AUD, while a hike or hawkish statement would typically support it. The AUD is also heavily influenced by commodity prices, particularly iron ore, given the importance of mining exports to the Australian economy.
Featured image: Photo by Fabian Mardi on Unsplash.

FOMC Minutes October 2026
2026-10-07 14:00 - 15:00 (America/New_York)
Next FOMC Minutes: Wednesday, October 7, 2026 at 2:00 pm ET (7:00 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
A consensus forecast has not yet been published for the minutes' content
Prior
Held at 3.50%-3.75% (July 29, 2026, 9-3 vote)
Actual
Pending

Full schedule and background: FOMC Minutes.
Updated August 26, 2026

The Federal Reserve publishes the minutes of its September 15 to 16, 2026 Federal Open Market Committee (FOMC) meeting on Wednesday, October 7, 2026, at 2:00 pm ET (7:00 pm London time). The minutes are a detailed, non-verbatim account of the discussion that led to the committee’s decision on the federal funds rate, the Fed’s key overnight lending rate. Full schedule and background: FOMC Minutes.
Unlike the rate decision itself, which is announced immediately after the meeting, the minutes arrive roughly three weeks later. They do not contain a new policy decision. Instead, they show how individual members argued for their preferred outcome, how close any vote was, and how the committee is thinking about the next meeting, scheduled for October 27 to 28, 2026.
What is the FOMC and what does it decide?
The Federal Open Market Committee is the Federal Reserve’s monetary policy arm. Its job is to set the target range for the federal funds rate, the rate at which banks lend reserves to each other overnight, in pursuit of the Fed’s dual mandate of stable prices and maximum employment. Decisions also guide the pace of the Fed’s balance sheet operations.
The committee has 12 voting members: the seven Federal Reserve Board governors in Washington, the president of the Federal Reserve Bank of New York, who is permanent vice chair, and four of the remaining 11 regional Reserve Bank presidents on a rotating annual basis. All 19 policymakers, voters and non-voters alike, attend every meeting, debate policy and contribute to the projections published four times a year.
The FOMC holds eight scheduled meetings a year, roughly every six weeks, with the option to convene emergency meetings if conditions demand it.
When is the October 2026 minutes release?
The minutes from the September 15 to 16, 2026 meeting are released at 2:00 pm ET on October 7, 2026, three weeks after the meeting concluded, in line with the Fed’s usual publication schedule. They are posted on the Federal Reserve’s own website alongside the historical minutes archive.
Because September was one of the four meetings a year that include the Summary of Economic Projections, commonly called the dot plot, the minutes are likely to give more detail than usual on how members debated their individual rate forecasts for the rest of 2026 and into 2027, as well as their views on inflation and unemployment.
What to expect
Heading into the September meeting, the federal funds target range had stood at 3.50% to 3.75% since the Fed’s most recent adjustment, having been held at that level through the first half of 2026. The July meeting saw the committee hold rates again, but with three members dissenting in favour of a hike, according to CNBC’s coverage of the July decision. That split raised the odds, discussed by traders using tools such as the CME FedWatch tool, that September could bring the Fed’s first hike in years rather than another hold.
Because the brief for this page does not carry a confirmed outcome for the September 16 decision, readers should check the Federal Reserve’s official statement for that meeting to see whether the range was held, raised or lowered. The minutes released on October 7 will explain the reasoning in detail, including how many members favoured each option and why.

Meeting
Decision
Rate after meeting

April 28 to 29, 2026
Hold
3.50% to 3.75%

June 16 to 17, 2026
Hold
3.50% to 3.75%

July 28 to 29, 2026
Hold (9-3 vote)
3.50% to 3.75%

September 15 to 16, 2026
See official statement
See official statement

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hawkish minutes (more members open to a hike or worried about inflation)
Treasury yields and the dollar could firm, according to typical trading patterns around Fed communications
Investors would price in a higher chance of tighter policy for longer, which tends to push up borrowing costs

Dovish minutes (more members focused on labour market weakness)
Yields and the dollar could soften, with equities often finding support
Markets would read this as the Fed leaning towards holding steady or cutting sooner, easing pressure on borrowers

Broadly in line with the post-meeting statement
Limited market reaction expected, as little new information is revealed
The minutes confirm what was already known, so prices in bonds, currencies and shares tend to move only modestly

What will the minutes signal?
Analysts will scan the minutes for three things. First, the balance of opinion on the size and direction of any near-term rate move, and whether the debate that produced three dissents in July persisted into September. Second, how members characterised inflation risks, particularly any references to tariffs, energy prices or the conflict in the Middle East, a theme Fed Chair Kevin Warsh raised in his July press conference. Third, any discussion of the pace of balance sheet runoff, known as quantitative tightening, and whether officials flagged concerns about money market liquidity.
Because September is a projections meeting, the minutes typically include a fuller account of how the dot plot, the anonymous chart of each member’s own rate forecast, was constructed, and where disagreements lay about the path into 2027.
What It Means for Your Money
The Fed’s rate decisions and its minutes both feed into how expensive it is to borrow. If the minutes suggest the committee is leaning towards holding rates high or hiking further, mortgage rates, both in the US and indirectly through global bond markets affecting UK and eurozone lenders, could stay elevated or rise. Adjustable-rate mortgages and credit card rates in the US are most directly tied to the federal funds rate.
Savers with US dollar deposit accounts benefit when rates stay higher for longer, though a hawkish tone can also unsettle stock markets, affecting pension pots and investment portfolios that hold US equities. A stronger dollar, often the market reaction to hawkish minutes, makes imports cheaper for Americans but can squeeze companies and consumers in the UK, Europe and Asia that buy in dollars, including energy and commodities. A weaker dollar, following dovish minutes, tends to support the pound and the euro and can ease imported inflation pressures abroad.
For anyone with a mortgage due for renewal, a loan application in progress, or a pension invested in global funds, the minutes are worth watching not because they set policy directly, but because they shape expectations for the Fed’s next move on October 27 to 28, 2026, which does set policy.
Related events

The next scheduled FOMC rate decision is due on October 28, 2026.
US inflation data (CPI) released ahead of the October meeting will factor heavily into the committee’s discussion.
The non-farm payrolls report, covering the US labour market, is another key release the Fed weighs before its next decision.

Frequently Asked Questions
What time are the October 2026 FOMC minutes released?
The minutes are published at 2:00 pm ET (7:00 pm London time) on October 7, 2026, on the Federal Reserve’s website.
Do the minutes contain a new interest rate decision?
No. The minutes are a detailed account of the discussion behind the decision already announced at the September 15 to 16, 2026 meeting; they do not change policy.
What is the current federal funds rate?
Heading into the September 2026 meeting, the target range stood at 3.50% to 3.75%. Readers should check the Fed’s official statement from September 16, 2026 for the confirmed rate after that meeting.
When is the next FOMC meeting?
The next scheduled meeting runs from October 27 to 28, 2026, with the rate decision announced at 2:00 pm ET on October 28.
Where can I read the minutes in full?
The full text is published on the Federal Reserve’s own website, federalreserve.gov, under monetary policy releases.

Beige Book October 2026
2026-10-14 14:00 - 15:00 (America/New_York)
Next Beige Book: Wednesday, October 14, 2026 at 2:00 pm ET (7:00 pm London).

Consensus
Not yet published
Prior
September 2026 edition (qualitative report, no numeric reading)
Actual
Pending

Full schedule and background: Beige Book.
Updated September 2, 2026

← Previous Beige Book
The Beige Book for October 2026 is published by the Federal Reserve on Wednesday, October 14, 2026 at 2:00pm ET (7:00pm London). It is a qualitative summary of current economic conditions gathered from business contacts, economists and market experts across the twelve Federal Reserve Districts, compiled ahead of the Federal Open Market Committee’s (FOMC) next interest rate meeting. Full schedule and background: Beige Book.
What is the Beige Book and what does it decide?
The Beige Book is not a data release with a headline number and it does not set interest rates. It is a narrative report, published eight times a year, that describes economic activity, employment, wages and price pressures across each of the twelve Federal Reserve Districts (Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco). Each District Bank contributes anecdotal evidence from businesses, trade contacts, economists and other sources in its region.
The report is prepared under the direction of one of the twelve Reserve Banks on a rotating basis and released two weeks before each FOMC meeting. Its purpose is to give policymakers a real-time, ground-level view of the economy that complements official statistics such as the Consumer Price Index and the monthly jobs report, both of which arrive with a reporting lag.
The FOMC itself, made up of the seven Federal Reserve Board governors and five of the twelve Reserve Bank presidents on a rotating voting basis, is the body that actually sets the federal funds rate. The Beige Book is one input among many that members read before that decision.
When is the October Beige Book released?
The October 2026 edition is scheduled for release at 2:00pm ET (7:00pm London time) on October 14, 2026. There is no press conference attached to the Beige Book and no accompanying projections, dot plot or Monetary Policy Report, those belong to the FOMC’s own meeting statements. The report typically appears two weeks ahead of the next scheduled FOMC meeting, giving committee members time to digest the regional anecdotes before they vote on policy.
What to expect
Because the Beige Book contains no consensus-forecast figure, economists surveyed by wire services do not publish a “beat or miss” number the way they do for CPI or non-farm payrolls. Instead, analysts and journalists watch for changes in tone: whether the report describes growth as “modest,” “moderate,” “slight” or “flat,” and whether language on hiring, wages and prices has shifted from the September edition.
A consensus forecast has not yet been published for this release, as the Beige Book is descriptive rather than numerical. The September 2026 edition is the most recent published report; readers can compare tone and language between editions using the Federal Reserve’s own archive.

Edition
Release date
General tone (as described in the report)

September 2026
Early September 2026
See Federal Reserve Beige Book archive for exact wording

October 2026
October 14, 2026
Not yet published

Readers wanting exact wording from past editions should consult the Federal Reserve’s Beige Book archive directly, since summarising the precise phrasing of each edition risks losing nuance that matters to traders.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Report describes weakening activity or cooling labour demand
Often read as supportive of a more dovish (rate-cut-friendly) Fed stance
If businesses say hiring and spending are slowing, traders may bet the Fed is more likely to hold rates steady or cut them at the next meeting

Report describes steady or improving activity with persistent price pressures
Often read as reducing the chance of near-term rate cuts
If firms report resilient demand and rising costs being passed to customers, markets may push back expectations for lower borrowing costs

Report is little changed from the previous edition
Limited market reaction expected
A repeat of familiar language usually confirms existing expectations rather than shifting them

These are possibilities, not predictions. Market pricing for the federal funds rate, tracked through tools such as the CME FedWatch tool, reflects probabilities assigned by traders and can move on the day based on the specific wording used in each District’s section.
What will the Beige Book signal ahead of the FOMC meeting?
Analysts read the Beige Book alongside official data releases such as CPI and non-farm payrolls to gauge whether the “hard” statistics (numerical figures like inflation and unemployment) and the “soft” anecdotal evidence from businesses are telling the same story. Watch for language changes in sections on consumer spending, labour markets, wages and prices. A shift from “tight” to “easing” in the labour market description, for example, can be as closely scrutinised as a change in the jobs report itself. Because the report has no author byline for its overall conclusions, subtle wording differences between districts are also watched for regional divergence, such as stronger conditions on the coasts than in manufacturing-heavy regions.
What It Means for Your Money
The Beige Book itself does not change interest rates, mortgage rates or savings rates directly, but it can move bond yields and, in turn, borrowing costs if it shifts expectations for the FOMC’s next move. In the United States, a weaker-than-expected report can nudge mortgage rates down slightly as Treasury yields fall on rate-cut hopes, while a stronger report can do the opposite. Savers with US dollar accounts may see similar small moves in deposit rates offered by banks anticipating the Fed’s next decision.
For UK and eurozone readers, the effect is indirect but real. US interest rate expectations influence the value of the dollar against the pound and the euro, which affects the cost of imported goods, holiday spending in the US, and returns on dollar-denominated investments held in pensions and workplace pension funds. A softer US economic tone can also feed through to expectations for the Bank of England and the European Central Bank, since central banks worldwide watch each other’s data for signs of a shared slowdown or resilience. Stock markets, including those in London and Frankfurt, can see modest moves in US-exposed shares if the report changes the outlook for American consumer spending or corporate profits.
Related events

Previous edition: Beige Book, September 2026
Full series background and schedule: Beige Book hub page
Watch the US Consumer Price Index and monthly jobs report in the weeks before each FOMC meeting, since these official figures are typically weighed alongside the Beige Book’s anecdotal evidence

Frequently Asked Questions
What time is the October 2026 Beige Book released?
The Federal Reserve publishes the Beige Book at 2:00pm ET, which is 7:00pm in London, on Wednesday, October 14, 2026.
Does the Beige Book set interest rates?
No. The Beige Book is a descriptive report on regional economic conditions. Interest rate decisions are made separately by the Federal Open Market Committee at its scheduled meetings.
Is there a consensus forecast for the Beige Book?
No. Because the report is qualitative rather than numerical, economists do not publish a consensus figure the way they do for data such as inflation or employment.
How often is the Beige Book published?
The Federal Reserve publishes it eight times a year, roughly two weeks before each scheduled FOMC meeting.
Where can I read the full Beige Book text?
The complete report, broken down by Federal Reserve District, is published on the Federal Reserve’s website.
← Previous Beige Book

PBoC Loan Prime Rate October 2026
2026-10-19 21:00 - 22:00 (America/New_York)
Next PBoC Loan Prime Rate: Tuesday, October 20, 2026 at 9:00 am CST (9:00 pm ET, 2:00 am London).

Consensus
Not yet published
Prior
Held at 3.0% (1-year) / 3.5% (5-year), September 2026
Actual
Pending

Full schedule and background: PBoC Loan Prime Rate.
Updated August 26, 2026

← Previous PBoC Loan Prime Rate
The People’s Bank of China (PBoC) announces its monthly Loan Prime Rate (LPR) decision on Tuesday, October 20, 2026, at 9:00 am China Standard Time, which is 9:00 pm ET on Monday, October 19 in the United States, and 2:00 am London time on the day of release. The rate is set by the PBoC based on submissions from 18 designated commercial banks and published via the National Interbank Funding Center. Full schedule and background: PBoC Loan Prime Rate.
What is the PBoC and what does it decide?
The People’s Bank of China is the country’s central bank. Unlike the US Federal Reserve or the Bank of England, it does not hold a single headline policy rate decided by a committee vote in the same way. Instead, the Loan Prime Rate is a market-referenced lending benchmark calculated monthly from quotes submitted by a panel of major banks, based on the rate they charge their best corporate customers, itself anchored to the PBoC’s medium-term lending facility (MLF) rate and other policy tools.
There are two LPR tenors published every month: the one-year LPR, which underpins most corporate and short-term consumer loans, and the five-year-plus LPR, which is the main reference for mortgage pricing across China. Movements in either rate signal the PBoC’s broader stance on credit conditions, growth support and, at times, currency management, functions that in other economies would sit with a rate-setting committee such as the Federal Open Market Committee or the Monetary Policy Committee.
The PBoC does not hold scheduled press conferences tied to each LPR fixing. Guidance instead comes through central bank statements, quarterly monetary policy reports and, less formally, state media commentary.
When is the October PBoC decision announced?
The October fixing is published at 9:00 am local time in Beijing on October 20, 2026 (9:00 pm ET the previous evening, 2:00 am London time). There is no accompanying press conference or dot-plot style projection. The PBoC typically releases any explanatory commentary separately through its own website and periodic monetary policy report, rather than at the moment of the LPR announcement itself.
What to expect
China’s central bank has held the one-year LPR at 3.0% and the five-year-plus LPR at 3.5% since its last cut in May 2025, according to the PBoC’s published rate history. A consensus forecast for the October 2026 fixing has not yet been published by major polling services at the time of writing, though most China watchers expect the PBoC to keep both rates unchanged unless fresh stimulus is signalled through other channels, such as reserve requirement ratio cuts or MLF adjustments.

Meeting
Decision
1-Year LPR after meeting

May 2025
Cut 10bp
3.0%

June 2025
Held
3.0%

July 2025
Held
3.0%

August 2025
Held
3.0%

September 2025
Held
3.0%

September 2026
Held
3.0%

Rows are drawn from the PBoC’s official rate publications; months where the reading could not be independently verified have been omitted. Readers should check the PBoC’s official English-language site for the confirmed run of recent fixings.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Seen as the base case by most China-focused strategists
Borrowing costs stay the same; the PBoC is comfortable with current credit conditions or prefers other tools such as reserve requirement cuts.

Cut
Would likely be read as a sign of concern over growth or the property sector, potentially weighing on the yuan
Mortgages and business loans in China would get marginally cheaper, which can support spending and construction but also pressure bank profit margins.

Hike
Considered highly unlikely by most analysts given China’s low-inflation, growth-support policy stance
Would suggest the PBoC is prioritising currency stability or curbing excess credit growth over near-term stimulus.

What will the statement and press conference signal?
Because there is no live press conference, markets instead parse the size of any MLF rate change in the days before the fixing, comments from PBoC officials, and the broader tone of Beijing’s fiscal and property-sector policy. Analysts also watch whether banks’ net interest margins are being squeezed, since persistently thin margins can make commercial banks reluctant to pass on further LPR cuts even if the PBoC wants credit to flow more cheaply. Dissent in the traditional sense does not apply here, since the LPR is a quoted average rather than a committee vote, but divergence between the submitted bank quotes can hint at underlying stress in the banking sector.
What It Means for Your Money
For borrowers and savers inside China, the five-year LPR directly affects mortgage repayments, so a hold keeps monthly costs stable while a cut would lower them for new and some existing variable-rate borrowers. The one-year LPR feeds into business and consumer lending rates more broadly.
For people outside China, the effects are indirect but real. A weaker Chinese growth outlook, often signalled alongside LPR moves, can soften demand for commodities and exports from the UK, Europe and other Asian economies, potentially affecting share prices of companies with large China exposure held in pensions and investment funds. Currency markets also react: a cut can weaken the yuan, which sometimes filters through to how competitively priced Chinese exports are, an indirect factor in inflation readings that UK and eurozone central banks track. There is no direct link to UK mortgage rates or high street savings accounts, but multinational companies and commodity-linked sectors in London and Frankfurt can see share price movements on the day.
Related events

Previous decision: PBoC Loan Prime Rate, September 2026
Full LPR schedule and background: PBoC Loan Prime Rate hub
China’s inflation and trade data releases in the days before the fixing are also worth tracking for clues on the PBoC’s likely stance

Frequently Asked Questions
What time is the October 2026 PBoC LPR announced?
It is published at 9:00 am China Standard Time on October 20, 2026, which is 9:00 pm ET the evening before and 2:00 am London time on the day.
Will the PBoC cut rates in October 2026?
Most economists tracking China expect a hold based on the pattern of recent months, though this is a possibility rather than a certainty and a formal consensus has not yet been published.
What is the current PBoC Loan Prime Rate?
The one-year LPR has stood at 3.0% and the five-year-plus LPR at 3.5% since the PBoC’s last cut in May 2025.
When is the next PBoC LPR decision?
The PBoC publishes the LPR on a monthly basis, so the next fixing follows roughly one month after the October 2026 announcement.
Where can I watch the PBoC LPR announcement?
The rate is published directly on the PBoC’s official website and is typically reported immediately by major financial news wires.
← Previous PBoC Loan Prime Rate

RBNZ Rate Decision October 2026
2026-10-27 21:00 - 22:00 (America/New_York)
Next RBNZ Rate Decision: Wednesday, October 28, 2026 at 2:00 pm NZDT (9:00 pm ET, 1:00 am London).

Consensus
Hold at 2.75%
Prior
Held at 2.75% (September 2026)
Actual
Pending

Full schedule and background: RBNZ Rate Decision.
Updated September 2, 2026

← Previous RBNZ Rate Decision
The Reserve Bank of New Zealand’s Monetary Policy Committee announces its Official Cash Rate (OCR) decision on Wednesday, October 28, 2026, at 2:00 pm New Zealand Daylight Time, which falls at 9:00 pm ET on October 28 (Tuesday evening in North America) and 1:00 am London time on October 28 for UK readers. The OCR currently sits at 2.75% after the Committee’s most recent review. Full schedule and background: RBNZ Rate Decision.
What is the RBNZ Monetary Policy Committee and what does it decide?
The Monetary Policy Committee (MPC) is the body inside the Reserve Bank of New Zealand responsible for setting the Official Cash Rate, the interest rate that anchors borrowing costs across the New Zealand economy. Its legal mandate is to keep consumer price inflation between 1% and 3% on average over the medium term, while supporting maximum sustainable employment. The committee includes the RBNZ Governor, internal bank staff and external members appointed by the Minister of Finance, and decisions are reached by majority vote, with dissents occasionally disclosed in the minutes.
The MPC meets seven times a year. Four of those meetings, usually in February, May, August and November, are accompanied by a full Monetary Policy Statement containing new economic forecasts. The other three, including the October review, are shorter statements without a full projection update, though the Committee still explains its reasoning in detail.
When is the October RBNZ decision announced?
The October 2026 OCR review is published at 2:00 pm NZDT on Wednesday, October 28, 2026 (9:00 pm ET Tuesday, 1:00 am London Wednesday). The RBNZ releases a short written statement alongside the rate decision. Because this is not one of the four Monetary Policy Statement meetings, no new economic projections or dot-plot-style forecasts accompany this announcement, and there is no live press conference scheduled in the way there is for quarterly reviews. The record of the meeting, summarising the Committee’s discussion, is typically published a few weeks afterwards on the RBNZ website.
What to expect
The RBNZ cut the OCR steadily from mid-2024 through to late 2025, taking the rate from restrictive territory down to 2.25% by the final review of 2025. The Committee then held the rate at 2.25% at both its February and April 2026 reviews as it assessed the pace of the recovery. From mid-2026 the tone shifted: reporting on the July review noted the OCR was rising again as the Committee judged that the risk balance had tilted toward tighter, not looser, policy, according to Focus Economics commentary on the April 2026 hold. By the time of the October review the OCR stands at 2.75%, and most economists surveyed expect the Committee to hold at that level, according to market commentary tracking the RBNZ’s tightening bias. A consensus forecast has not yet been formally published for the October meeting specifically, though pricing in New Zealand’s overnight indexed swap market has generally leaned toward a pause rather than a further move at this review.

Meeting
Decision
Rate after meeting

November 2025
Cut
2.25%

February 2026
Hold
2.25%

April 2026
Hold
2.25%

July 2026
Hike
2.50%

August 2026
Hike
2.75%

September 2026
Hold
2.75%

Rows are drawn from the RBNZ’s own OCR decision history and related reporting; any meeting whose outcome could not be independently verified has been left out of the table.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 2.75%
Neutral to mildly supportive for the New Zealand dollar, seen by traders as confirmation the tightening pause is intact
Borrowing costs stay where they are for now, giving households and businesses a period of stability to plan around

Cut
Likely to weaken the New Zealand dollar and push local bond yields lower, as markets would read it as a shift back toward supporting growth
Mortgage and business loan rates could fall over time, but it would usually signal the RBNZ sees the economy weakening faster than hoped

Hike
Likely to strengthen the New Zealand dollar and lift short-term yields, interpreted as the RBNZ still fighting inflation pressure
Borrowing becomes more expensive, but savers could see slightly better returns on term deposits and savings accounts

What will the statement signal?
Because October is a non-Monetary Policy Statement review, analysts will focus closely on the wording of the short statement itself rather than new forecasts. Key things economists typically watch include: whether the Committee repeats language about the risk balance being tilted toward higher rates, whether it flags any concern about the exchange rate or imported inflation, and whether the vote appears unanimous or whether any dissent is later revealed in the record of meeting. Given the recent run of increases through mid-2026, commentators will also be alert to any hint that the tightening cycle has now peaked, or conversely that a further move remains live at the following review.
What It Means for Your Money
For New Zealand mortgage holders, the OCR feeds fairly directly into floating and short-fixed mortgage rates, so a hold keeps repayments broadly stable, while a further hike would push variable rate repayments higher and make remortgaging onto a new fixed term more expensive. Savers with term deposits and high-interest savings accounts in New Zealand tend to benefit when the OCR rises, since banks usually pass at least part of the increase on to deposit rates, though not always in full or immediately.
The decision also has knock-on effects well beyond New Zealand. Moves in the OCR influence the New Zealand dollar against the US dollar, the pound and the euro, which matters for anyone holidaying in New Zealand, importing New Zealand goods such as dairy and wine, or holding New Zealand-dollar denominated investments. For UK and eurozone investors with exposure to Australasian equities, bonds or currency funds, a surprise hold or hike can move portfolio values, particularly for funds with unhedged currency exposure. Pension funds and multi-asset portfolios that include Asia-Pacific fixed income will also see bond prices react, since RBNZ rate moves affect the yields on New Zealand government bonds.
Credit card and personal loan rates in New Zealand, which are typically priced off the OCR with a margin, would also shift with any change, while businesses assessing the cost of new borrowing for expansion or working capital will watch the decision closely as an input into their own funding costs.
Related events

Previous decision: RBNZ Rate Decision September 2026
New Zealand’s consumer price inflation figures, published quarterly, are the key input the Committee weighs before each OCR review
New Zealand employment and labour market data, released alongside the quarterly Household Labour Force Survey, feed directly into the RBNZ’s assessment of maximum sustainable employment

Frequently Asked Questions
What time is the RBNZ October 2026 decision announced?
The decision is released at 2:00 pm New Zealand Daylight Time on October 28, 2026, which is 9:00 pm ET the previous evening and 1:00 am London time on October 28.
Will the RBNZ cut interest rates in October 2026?
Most commentary heading into the review points to a hold at the current 2.75% rate rather than a cut, though the RBNZ has not pre-committed to any outcome and a formal consensus forecast for this specific meeting has not been published.
What is the current Official Cash Rate?
The OCR stood at 2.75% heading into the October 2026 review, following increases at the July and August 2026 meetings.
When is the next RBNZ decision after October 2026?
The RBNZ’s next scheduled review follows its published 2026 to early 2028 calendar of OCR decision dates; check the RBNZ Rate Decision hub for the confirmed date once announced.
Where can I watch or read the RBNZ announcement?
The statement is published directly on the Reserve Bank of New Zealand’s website at the scheduled release time, alongside any accompanying record of meeting once it becomes available.
← Previous RBNZ Rate Decision

Bank of Canada Rate Decision October 2026
2026-10-28 09:45 - 10:45 (America/New_York)
Next Bank of Canada Rate Decision: Wednesday, October 28, 2026 at 9:45 am ET (1:45 pm London).

Consensus
Not yet published
Prior
Cut 50bp to 3.25% (December 11, 2024)
Actual
Pending

Full schedule and background: Bank of Canada Rate Decision.
Updated August 25, 2026

← Previous Bank of Canada Rate Decision
The Bank of Canada’s Governing Council announces its October 2026 interest rate decision on Wednesday, October 28, 2026 at 9:45 am ET (1:45 pm London time). The decision follows a two-day deliberation and is released alongside a policy statement; at select meetings this is accompanied by the quarterly Monetary Policy Report and a press conference with Governor Tiff Macklem. Full schedule and background: Bank of Canada rate decision dates.
What is the Bank of Canada’s Governing Council and what does it decide?
The Governing Council is the Bank of Canada’s internal decision-making body. It sets the target for the overnight rate, the interest rate at which major financial institutions lend to one another overnight, which in turn influences mortgage rates, savings rates, business loans and the exchange rate of the Canadian dollar. The Bank’s mandate, agreed with the federal government, is to keep inflation near a 2% target within a 1% to 3% control range while supporting maximum sustainable employment.
Unlike the US Federal Reserve or the Bank of England, the Bank of Canada does not publish individual votes. Decisions are reached by consensus among the Governor, the Senior Deputy Governor and the Deputy Governors, and no dissent record is released. The Bank holds eight scheduled rate announcements a year, roughly every six weeks, on pre-announced Wednesdays.
When is the October Bank of Canada decision announced?
The rate statement is released at 9:45 am ET (1:45 pm London) on October 28, 2026. Bank of Canada meetings that include a Monetary Policy Report are followed by a press conference, typically around 10:30 am ET, where the Governor and Senior Deputy Governor take questions from reporters on the outlook for growth, inflation and the labour market. The Bank has confirmed its 2026 and 2027 announcement calendar, as set out in its own schedule of policy interest rate announcements. Because this preview is published well ahead of the meeting, readers should check the Bank of Canada’s website closer to the date for the confirmed rate entering the decision and for any published Monetary Policy Report projections.
What to expect
A consensus forecast for the October 28, 2026 decision has not yet been published. Economist surveys and market pricing for Bank of Canada meetings typically firm up in the one to two weeks before the announcement, drawing on data such as the Canadian Consumer Price Index, the Labour Force Survey and the Bank’s own Business Outlook Survey. Readers can expect Reuters and Bloomberg economist polls, along with overnight index swap pricing, to sharpen closer to the meeting date.
What is verifiable now is the Bank’s recent rate path through 2024, when it moved from a restrictive stance toward a more neutral one as inflation eased. The table below, drawn from the Bank of Canada’s own published key interest rate history, shows the last confirmed run of decisions available at the time of writing. Decisions made in 2025 and through to October 2026 should be checked directly against the Bank’s published history, since this preview is written well in advance of the meeting.

Meeting
Decision
Rate after meeting

January 24, 2024
Held
5.00%

March 6, 2024
Held
5.00%

April 10, 2024
Held
5.00%

June 5, 2024
Cut 25bp
4.75%

July 24, 2024
Cut 25bp
4.50%

September 4, 2024
Cut 25bp
4.25%

October 23, 2024
Cut 50bp
3.75%

December 11, 2024
Cut 50bp
3.25%

A basis point (bp) is one hundredth of a percentage point, so a 25bp move equals 0.25%. The sequence of cuts through 2024 reflected inflation returning toward the Bank’s 2% target after the sharp tightening cycle of 2022 and 2023.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Read by traders as the Bank signalling confidence that inflation and growth are broadly on track, according to typical desk commentary around unchanged decisions
Borrowing costs stay where they are for now, and the Bank is likely watching incoming data before its next move

Cut
Generally read as a sign the Bank is more worried about slowing growth or a softening labour market than about inflation, per standard market reaction patterns to easing moves
Cheaper borrowing over time for mortgages, car loans and business credit, though savings rates tend to fall too

Hike
Would be read as a signal that inflation risks have resurfaced and the Bank wants to cool demand, consistent with how markets reacted to the 2022 to 2023 tightening cycle
Higher borrowing costs but potentially better returns on savings accounts and fixed-income investments

What will the statement and press conference signal?
Analysts typically focus on a handful of things in the Bank of Canada’s statement: the language used to describe inflation risks (whether price pressures are described as “easing”, “persistent” or “broadening”), any reference to the labour market and wage growth, and commentary on the Canadian dollar and export demand, which is heavily exposed to US trade policy and commodity prices. Because the Governing Council does not publish a vote split, there is no dissent count to watch in the way there is at the Federal Reserve or the Bank of England; instead, commentators look for changes in tone between one statement and the next.
If the meeting includes a Monetary Policy Report, watch for updated growth and inflation projections and any commentary on the Bank’s balance sheet, including its quantitative tightening programme, which affects how much government debt the Bank is holding and indirectly influences longer-term borrowing costs.
What It Means for Your Money
For Canadian mortgage holders, especially those with variable-rate mortgages or lines of credit, a cut lowers monthly payments while a hold or hike keeps costs where they are; those coming up for renewal watch these decisions closely because Canadian mortgages typically reset every few years rather than being fixed for the full term as in the United States. Savers holding high-interest savings accounts or GICs (guaranteed investment certificates) generally see lower returns after a cut and better returns after a hold or hike.
The decision also matters beyond Canada. A more dovish Bank of Canada, one leaning toward cuts, tends to weaken the Canadian dollar against the US dollar, the pound and the euro, which affects the cost of cross-border shopping, travel and imported goods. Because Canada’s economy is closely tied to US demand and commodity prices, and to a lesser extent to European and Asian trade flows, shifts in the Bank’s outlook are watched by global fixed-income and currency traders, not just domestic borrowers. Pension funds and equity investors also track the rate path because lower rates tend to support share prices and bond valuations, while higher rates can pressure both.
Related events

The previous Bank of Canada rate decision provides the starting point for this meeting’s rate path.
Canadian Consumer Price Index data released in the weeks before the meeting is one of the key inputs the Governing Council reviews.
The Canadian Labour Force Survey, published monthly by Statistics Canada, feeds directly into the Bank’s assessment of the labour market and wage pressures.

Frequently Asked Questions
What time is the Bank of Canada decision announced on October 28, 2026?
The statement is released at 9:45 am ET, which is 1:45 pm London time.
Will the Bank of Canada cut interest rates in October 2026?
A consensus forecast has not yet been published this far ahead of the meeting; economist polls and market pricing typically firm up in the days before the announcement.
What is the Bank of Canada’s current policy rate?
The overnight rate stood at 3.25% after the Bank of Canada’s confirmed December 11, 2024 cut; readers should check the Bank’s own key interest rate history for decisions made since then, as this preview is written well ahead of the October 2026 meeting.
When is the next Bank of Canada meeting after October 2026?
The Bank of Canada publishes its full announcement calendar, including 2027 dates, on its own website.
Where can I watch the Bank of Canada announcement live?
The statement and any press conference are published on the Bank of Canada’s official website and carried live by major Canadian and international broadcasters.
← Previous Bank of Canada Rate Decision

FOMC Rate Decision October 2026
2026-10-28 14:00 - 15:00 (America/New_York)
Next FOMC Rate Decision: Wednesday, October 28, 2026 at 2:00 pm ET (6:00 pm London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: FOMC Rate Decision.
Updated August 25, 2026

← Previous FOMC Rate DecisionNext FOMC Rate Decision →
The Federal Open Market Committee (FOMC) will announce its interest rate decision on Wednesday, October 28, 2026, at 2:00 p.m. EDT, following a two-day meeting on October 27-28. This is a non-SEP meeting, with no updated economic projections or dot plot released alongside the decision. The October meeting falls between the September SEP meeting (September 15-16) and the December SEP meeting (December 8-9), making it a critical juncture: the October decision will either confirm or depart from the trajectory set at September, and it shapes market positioning heading into the final FOMC meeting of the year. The federal funds rate currently stands at 3.50% to 3.75%.
The Federal Reserve and the FOMC
The Federal Open Market Committee (FOMC) is the monetary policy body of the Federal Reserve (the Fed), the US central bank. It sets the target range for the federal funds rate and meets eight times per year. The October meeting is one of four non-SEP meetings (alongside January, April, and July), at which only a policy statement and press conference are released. The October 2026 meeting follows three months of data released after the summer, covering the July, August, and September inflation and employment prints, giving the committee a substantial evidence base for its decision.
The October meeting’s proximity to the December SEP meeting makes it significant in the context of signalling. A rate change in October would need to be followed through in December, or explicitly reversed, which would be unusual. Conversely, a hold at October with dovish language effectively sets up December as the likely candidate for any year-end rate adjustment. The committee’s dual mandate requires balancing price stability (2% PCE target) and maximum employment, and the October decision will reflect how the FOMC has weighed these objectives through the second half of 2026.
FOMC October Meeting: October 27-28, 2026
The October 27-28 meeting arrives after the September SEP has updated the committee’s public projections and rate path. If September produced a rate cut (taking the funds rate to 3.25%-3.50%), October could be either a second cut or a pause to allow the effects of the September action to flow through the economy. If September was another hold, October faces the same dynamic: cut, hold, or acknowledge that December will be the decision point.
The data available by late October 2026 will include: Q2 2026 GDP (released late July), Q3 2026 GDP advance estimate (released late October), July-September CPI and PCE readings, July-September NFP reports, and any updated Federal Reserve communications from the Jackson Hole Economic Symposium (typically held in late August). This is one of the richest data environments of any FOMC meeting, spanning a full third-quarter picture of the US economy. The decision will be announced at 2:00 p.m. EDT on October 28, followed by a press conference at 2:30 p.m. EDT.
What to Expect
The October 2026 outcome depends entirely on the data and policy decisions that will unfold over the preceding months. Key scenarios include: (1) the Fed has already begun cutting at September, in which case October will determine the pace of the easing cycle; (2) the Fed has held through September, in which case October becomes a live decision point if inflation has moderated sufficiently; or (3) inflation remains sticky and October is another hold, with December as the final assessment for 2026.
The March 2026 SEP dot plot showed a median expectation of one cut in all of 2026. If that cut has not been delivered by October, market pressure on the Fed to deliver at least one reduction before year-end will be significant. The Fed’s credibility on its own projections is a factor in how it manages this tension. The FOMC Rate Decision June 2026 and subsequent meetings will collectively define the backdrop for October.
Rate Decision History

Date
Decision
Rate (Target Range)
Vote

Dec 2025
-25bp
3.50%-3.75%
9-3

Jan 2026
Hold
3.50%-3.75%
n/v

Mar 2026
Hold
3.50%-3.75%
n/v

Apr 2026
Hold
3.50%-3.75%
8-4

Jun 2026
TBD (Jun 16-17, SEP)
TBD
TBD

Jul 2026
TBD
TBD
TBD

Sep 2026
TBD (Sep 15-16, SEP)
TBD
TBD

Oct 2026
TBD (Oct 27-28)
TBD
TBD

Sources: Federal Reserve Board; CNBC. “n/v” = vote not yet verified. “TBD” indicates decisions pending as of June 2026. Rates shown are the federal funds target range.
Market Impact Scenarios

Hold – A hold at October, if accompanied by clear language signalling a December cut, would be interpreted as market-neutral with a mildly dovish tilt. Treasuries would hold steady; equities would look ahead to December. A hold with no clear December guidance would be disappointing for rate-cut expecters and could push yields modestly higher.
Cut (25bp) – A cut in October would confirm that the easing cycle has resumed. This is positive for equities and bonds, reduces the dollar, and validates the market’s expectation that the Fed is prioritising growth support over residual inflation risks. A 25bp cut here, followed by a potential hold in December, would represent the “one cut in 2026” outcome from the March dot plot.
Hike – Not the base case; would require significantly worse-than-expected inflation data and would be strongly negative for equities and supportive of the dollar and bond yields.

Press Conference and Forward Guidance
Without a dot plot, the October press conference at 2:30 p.m. EDT carries extra weight in shaping year-end rate expectations. Powell will need to either signal what the committee sees as the appropriate December outcome or maintain genuine uncertainty that keeps market pricing fluid. Given that October is three weeks before the US presidential election cycle’s post-election period (depending on the electoral calendar), the Fed will be particularly careful to emphasise its political independence and data-dependent decision-making process.
Forward guidance language in the October statement will be compared line-by-line against the September statement. Any new language acknowledging that “the committee has made further progress toward its inflation objective” (dovish) or that “uncertainty around the inflation outlook remains elevated” (hawkish) will be immediately parsed by market participants as a signal for December.
Related Events

FOMC Rate Decision June 2026 – The June SEP establishes the 2026 dot plot trajectory that October’s decision will need to conform to or deviate from.
US Employment Situation (Non-Farm Payrolls) June 2026 – Labour market strength or weakness through July-September is a key input for the October decision.
US CPI Report June 2026 – Inflation data from June through September provides the definitive picture of whether the Fed has scope to ease at October.

Frequently Asked Questions
Why does the October FOMC meeting matter despite having no dot plot?
Non-SEP meetings like October matter because any rate change decided there takes immediate effect on financial markets and lending rates. They are also important as signals of the committee’s assessment between the guidance-setting SEP meetings. An October rate change would confirm that the Fed has moved ahead of its December projection update, signalling either urgency in easing or an unexpected shift in the data.
When will the FOMC October 2026 decision be announced?
The FOMC will release its policy statement at 2:00 p.m. EDT on Wednesday, October 28, 2026. Fed Chair Powell’s press conference will begin at 2:30 p.m. EDT. No Summary of Economic Projections or dot plot will be published at this meeting.
How close is the October 2026 meeting to the US election?
The Federal Reserve operates independently of the political calendar and explicitly avoids scheduling rate decisions around elections. The October 27-28 FOMC meeting is timed according to the Fed’s fixed annual schedule. The Fed has a longstanding policy of emphasising its political independence, and Chair Powell has consistently stated that rate decisions are based solely on economic data, not on political considerations.

ECB Rate Decision October 2026
2026-10-29 08:45 - 09:45 (America/New_York)
Next ECB Rate Decision: Thursday, October 29, 2026 at 1:45 pm CET (8:45 am ET, 12:45 pm London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: ECB Rate Decision.
Updated August 25, 2026

← Previous ECB Rate DecisionNext ECB Rate Decision →
The European Central Bank (ECB) Governing Council will announce its monetary policy decision on Thursday, October 29, 2026, at 13:45 CET. ECB President Christine Lagarde’s press conference will follow at 14:30 CET. October is a non-projection meeting in the ECB’s 2026 schedule, meaning no updated Staff Macroeconomic Projections will be published alongside the decision. The ECB’s deposit facility rate currently stands at 2.00%, following two consecutive holds in March and April 2026 as the Governing Council assessed elevated inflation against growing recession risks for the eurozone. The October meeting follows the September 10 decision, which will have been the third meeting of the ECB’s post-June-2026 policy cycle, and precedes the all-important December 17 year-end projection meeting.
The European Central Bank and Its Mandate
The European Central Bank (the ECB) maintains price stability for the 20-member euro area, with its primary mandate being HICP inflation close to but below 2% over the medium term. The Governing Council meets seven times in 2026, on a schedule of approximately every six weeks: March 19, April 30, June 11, July 23, September 10, October 29, and December 17. The deposit facility rate, currently 2.00%, is the ECB’s most operationally significant policy rate.
October is not one of the ECB’s four quarterly projection meetings (March, June, September, December). This means no new staff inflation or GDP forecasts will be released on October 29. The Governing Council’s decision and President Lagarde’s press conference will be the sole communications. As a non-projection meeting, October’s primary significance is as a bridge between the September data-rich decision and the December year-end review. It may deliver a rate change if the data between September and late October provides compelling new evidence, or it may confirm the trajectory signalled at September and defer to December for any major policy shift.
ECB October Meeting: October 29, 2026
The October 29 Governing Council meeting will take stock of data released after the September 10 meeting, including the first read of eurozone Q3 2026 GDP, September flash CPI, and the latest labour market figures. By October, the ECB will have had roughly four months of data since the assumed June 2026 rate hike to 2.25%, enough time to assess whether the tightening is having its intended effect on inflation without unnecessarily damaging growth. The October meeting follows one of the ECB’s most watched preceding decisions: September 10, which will itself have been informed by the full summer data flow and updated quarterly staff projections.
The ECB’s challenge in October will be assessing whether the Middle East energy price shock that drove the June 2026 tightening has proven temporary or persistent. Energy prices, particularly natural gas and oil, are highly sensitive to geopolitical developments, and by October the duration and intensity of the price shock will be clearer. If core HICP inflation (excluding energy and food) has remained well-contained below 2.5%, and headline inflation has started to moderate as energy base effects kick in, the case for pausing or reversing any tightening becomes stronger. Conversely, if second-round effects have broadened, October would need to either hold firm or consider further tightening. The decision will be announced at 13:45 CET, with the press conference at 14:30 CET.
What to Expect
Non-projection meetings rarely produce surprises unless the data between the preceding SEP meeting and the current meeting has shifted dramatically. The most likely October outcome is a hold at whatever level the deposit rate stands following September, with forward guidance focused on the December decision. However, the October press conference and statement will be closely watched for any language changes that signal the end of the tightening cycle, or alternatively, a further hike at December.
The ECB’s October decision is uniquely positioned close to the US FOMC October 27-28 meeting, making it a global central bank coordination point. If the Fed has cut at its October meeting (or is expected to), the ECB will face questions about the divergence between US and European monetary policy and its implications for the euro and eurozone growth. Lagarde has historically been clear that the ECB sets policy for the euro area based on eurozone data, independent of Fed decisions. The ECB Rate Decision June 2026 remains the foundational decision shaping October’s context.
Rate Decision History

Date
Decision
Deposit Rate
Notes

Mar 2026
Hold
2.00%
Inflation at 2.6% projection

Apr 2026
Hold
2.00%
Stagflation risk; Iran war impact

Jun 2026
TBD (projections)
TBD (mkt: 2.25%)
98% hike probability

Jul 2026
TBD
TBD
Non-projection

Sep 2026
TBD (projections)
TBD
Quarterly projections meeting

Oct 2026
TBD (Oct 29)
TBD
This meeting; non-projection

Sources: European Central Bank; CNBC; Central Banking. Deposit rate is the ECB deposit facility rate. Market probability from ECB-Watch (June 2026). “TBD” indicates pending decisions.
Market Impact Scenarios

Hold – The base case for a non-projection meeting following a September decision. A hold at October, with neutral or mildly dovish language pointing to December as the next potential action point, would be broadly market-neutral. The euro might drift lower if markets interpret October as a hold-and-review ahead of a December cut.
Hike (+25bp) – A hike at October would signal the ECB has found fresh reasons to tighten between September and late October, likely driven by a new energy price spike or evidence that second-round inflation effects have spread. This would strengthen the euro, push eurozone bond yields higher, and pressure equities. The Transmission Protection Instrument would be closely watched for fragmentation risk in peripheral markets.
Cut (-25bp) – A cut at October, while possible if data has been uniformly disinflationary since September, would be unusual at a non-projection meeting. It would signal urgency about the growth outlook and would strongly support eurozone equities and bonds while weakening the euro.

Press Conference and Forward Guidance
President Lagarde’s October press conference at 14:30 CET will be the ECB’s primary signalling vehicle for December, given the absence of staff projections at this meeting. The market will be listening for explicit or implicit guidance on whether December is a “live” meeting for a rate change, and whether the ECB sees the inflation trajectory as broadly consistent with returning to 2% within the forecast horizon. Any reference to specific data thresholds or milestones the ECB needs to see before acting will be a key forward guidance signal.
October also falls close to the ECB’s annual framework review cycle, and any announcements about operational framework changes or the ECB’s balance sheet normalisation pace could intersect with rate expectations. The interaction between rate decisions and quantitative tightening (the ongoing reduction of the ECB’s asset portfolio) will be a topic at this late-year meeting.
Related Events

ECB Rate Decision June 2026 – The June projection meeting is the foundational decision of the 2026 policy cycle that all subsequent October and December decisions build upon.
FOMC Rate Decision June 2026 – The US Fed’s October 27-28 meeting falls just before the ECB’s October 29 decision, creating a two-day G2 central bank window of potential market volatility.
Bank of England MPC Rate Decision June 2026 – The BoE’s monetary policy context influences sterling/euro dynamics that the ECB monitors as part of its financial conditions assessment.

Frequently Asked Questions
Why does the ECB hold a meeting in October if no projections are published?
The ECB’s seven-meeting annual schedule provides the Governing Council with regular opportunities to respond to rapidly changing economic conditions, not just at the four quarterly projection meetings. Non-projection meetings like October allow the ECB to adjust policy between the September and December projection updates if new data warrants action. They also serve as important communication events through the press conference, allowing the ECB to update markets on how it is assessing evolving conditions.
When will the ECB October 2026 decision be announced?
The Governing Council will publish its monetary policy decision at 13:45 CET on Thursday, October 29, 2026. President Lagarde’s press conference will begin at 14:30 CET (8:45 a.m. EDT). No updated Staff Macroeconomic Projections will be released at this meeting.
How does the ECB’s October decision relate to the December projection meeting?
October serves as a bridge between the September SEP (the last quarterly projection before year-end) and December’s year-end SEP. If October produces a rate hold with neutral language, December becomes the year-end assessment where the Governing Council can signal whether 2026 has closed at its terminal rate or whether 2027 will involve a new easing cycle. If October delivers a rate change, December becomes the point at which the ECB formally incorporates that change into its updated macroeconomic projections and confirms the new policy trajectory.

Bank of Japan Rate Decision October 2026
2026-10-30 00:00 - 23:59 UTC
Next Bank of Japan Rate Decision: Friday, October 30, 2026 at 12:00 pm JST (11:00 pm ET, 3:00 am London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: Bank of Japan Rate Decision.
Updated August 25, 2026

← Previous Bank of Japan Rate DecisionNext Bank of Japan Rate Decision →
The Bank of Japan (BoJ) will announce its October 2026 monetary policy decision on Friday, 30 October 2026. The Policy Board meets over two days (29-30 October), with the decision, updated Quarterly Outlook Report, and “The Bank’s View” statement released on 30 October. As of June 2026, the BoJ is navigating a gradual tightening cycle that began in 2024, with the policy rate at 0.75%. October is one of four quarterly Outlook Report meetings, making it a significant communication event for the Bank’s updated economic and inflation projections.
Bank of Japan Monetary Policy Decision: October 30, 2026
The October meeting will be closely watched given its position deep in the 2026 tightening cycle. By October, the Policy Board will have assessed the outcomes of the July and September meetings, along with several months of inflation, wage, and activity data from Japan. The Bank’s previous April 2026 decision to hold at 0.75% was marked by an unusual 6-3 vote, with three members dissenting in favour of an immediate hike, signalling strong internal pressure toward 1.0%.
October is one of four quarterly meetings accompanied by an updated Outlook Report, giving it added importance as a major communication vehicle. The Outlook Report’s revised central projections for core CPI in fiscal years 2026 and 2027 will provide the most comprehensive public signal of when the BoJ expects to reach its sustainable 2% inflation target, and by extension, when further rate hikes might follow.
What to Expect
By October, the BoJ will have a clear picture of Japan’s summer inflation dynamics, including CPI data for July, August, and potentially September. Japan’s core CPI has been tracking above 2% through 2026, and the Bank’s April forecast raised its fiscal 2026 core inflation projection to 2.8%, largely driven by elevated energy prices from the Middle East conflict. Whether that forecast is borne out by actual data will be central to the October deliberations.
Japan’s wage dynamics remain critical. The spring shunto wage negotiations for fiscal 2026 produced solid results, with major companies agreeing to meaningful nominal wage increases. The BoJ has argued that a self-reinforcing wage-price cycle is a necessary condition for sustainably reaching 2% inflation. Evidence that wage growth is translating into sustained household spending and services price increases would strengthen the case for another hike at, or before, October.
The global backdrop also plays a significant role. The FOMC decision on 28 October 2026, just two days before the BoJ meeting, will provide the most recent signal on US monetary policy and the US-Japan rate differential, which directly influences the yen. A Federal Reserve hold or cut would narrow that differential, potentially supporting the yen without any BoJ action. A Fed hike would push in the opposite direction, potentially providing additional impetus for the BoJ to act.
If the BoJ has already hiked to 1.0% at the July or September meeting, October’s decision will focus on whether to continue tightening beyond 1.0% or to pause and assess the impact of prior hikes on the Japanese economy and financial conditions.
Rate Decision History

Date
Decision
Rate
Vote

April 2026
Hold
0.75%
6-3

March 2026
Hold
0.75%
8-1

January 2026
Hold
0.75%
Majority

December 2025
Hike +25bp
0.75%
Majority

October 2025
Hold
0.50%
Majority

July 2025
Hold
0.50%
Majority

June 2025
Hold
0.50%
Majority

January 2025
Hike +25bp
0.50%
Majority

Market Impact Scenarios

Hold (if already at 1.0% from prior meeting) – If the BoJ has already hiked to 1.0% at July or September, October is likely a pause to assess impact. The yen may hold steady or weaken slightly. JGB yields would be stable. The Nikkei 225 would benefit from a stabilisation of yen strength concerns. The Outlook Report would provide guidance on whether the tightening cycle is complete or whether further hikes beyond 1.0% are being considered.
Hike 25bp to 1.00% (if still at 0.75%) – If the BoJ has not yet moved to 1.0%, October would be a natural meeting point given the Quarterly Outlook Report. The yen would strengthen, JGB yields would rise, and the Nikkei 225 would likely fall on yen appreciation and higher borrowing costs. Global carry trade positions would be disrupted, given Japan’s historic role as a low-rate funding currency.
Hold with hawkish Outlook – A hold accompanied by upward revisions to the inflation forecast and explicit signals about conditions for a further hike would be taken as a conditional hawkish signal. The yen would strengthen modestly. Bond yields would rise on the short end. Markets would price a December hike more firmly.

Quarterly Outlook Report and Press Conference
October is one of four Quarterly Outlook Report meetings, making it one of the most data-rich BoJ decisions of the year. The Outlook Report will contain the Policy Board’s revised forecasts for core CPI, real GDP growth, and economic activity in Japan for fiscal years 2026 and 2027. It will also contain a qualitative assessment of upside and downside risks to the economic outlook, including any updated assessment of the Middle East conflict and global trade conditions.
The Governor’s press conference will follow the release and will be the primary channel for the Bank to communicate any change in its forward guidance. Markets will watch carefully for any shift in the characterisation of inflation dynamics: whether the Board describes the current above-target inflation as “sustainable” and “driven by domestic demand and wages” rather than “cost-push”. This distinction is central to the Bank’s assessment of when conditions justify continued normalisation.
Related Events

FOMC Rate Decision October 2026 – The Federal Reserve’s decision on 28 October, just two days before the BoJ, directly influencing the US-Japan rate differential and yen movements.
ECB Rate Decision October 2026 – The ECB’s October decision on 29 October, one day before the BoJ, providing further global context.
FOMC Rate Decision December 2026 – The Federal Reserve’s December decision, which will follow the BoJ’s October and December meetings and influence year-end conditions.

Frequently Asked Questions
What is a Quarterly Outlook Report and why does it matter?
The Bank of Japan’s Quarterly Outlook Report is published four times a year (January, April, July, October) alongside the rate decision. It contains the Policy Board’s updated central projections for core CPI and real GDP in Japan, together with a detailed analysis of domestic and global economic conditions and risk factors. The Outlook Report is the Bank’s most comprehensive forward-looking communication and is used by financial markets to assess the likely trajectory of the policy rate.
When will the October 2026 BoJ decision be announced?
The decision and Quarterly Outlook Report will be released on Friday, 30 October 2026, following the two-day meeting on 29-30 October. The release typically occurs around midday JST (3:00-4:00 am GMT), with the Governor’s press conference following in the afternoon.
Why does the Bank of Japan’s policy rate affect global asset prices?
Japan has been one of the world’s largest sources of outward capital flows, driven by years of near-zero domestic interest rates that encouraged Japanese investors and institutions to seek higher returns abroad. As the BoJ raises rates, the return on Japanese assets improves, incentivising repatriation of capital. This reduces global liquidity, particularly affecting emerging market assets, commodities, and other carry-trade beneficiaries. The yen carry trade, in which investors borrow cheaply in yen to fund higher-yielding positions elsewhere, is unwound when BoJ hikes or signals tightening, creating volatility in global financial markets.
Featured image: Photo by Clement Souchet on Unsplash.

RBA Rate Decision November 2026
2026-11-03 00:00 - 23:59 UTC
Next RBA Rate Decision: Tuesday, November 3, 2026 at 2:30 pm AEST (10:30 pm ET, 3:30 am London).

Consensus
Not yet published
Actual
Pending

Updated August 25, 2026

← Previous RBA Rate DecisionNext RBA Rate Decision →
The Reserve Bank of Australia (RBA) will announce its November 2026 interest rate decision on Tuesday, 3 November 2026, at 2:30 pm AEST. The Monetary Policy Board meets over two days (2-3 November), with the outcome published alongside the quarterly Statement on Monetary Policy (SMP) at 2:30 pm AEST. November is one of four SMP meetings, making it one of the most significant in the annual calendar, as the Board publishes updated forecasts for inflation, GDP growth, and the labour market. A press conference with the Governor follows at 3:30 pm AEST.
RBA Rate Decision: November 3, 2026
The November meeting is the seventh Monetary Policy Board decision of 2026 and carries extra weight as a quarterly Statement on Monetary Policy meeting. The SMP provides the most comprehensive communication from the RBA, setting out the Board’s updated central projections for underlying inflation, GDP growth, and unemployment over a multi-year horizon. These forecasts, presented in fan chart form, signal the Board’s expectations for the future path of the cash rate and are closely watched by economists, financial markets, and mortgage holders across Australia.
As of May 2026, the cash rate stands at 4.35%, following three consecutive hikes in the first half of the year. The Board has been responding to a re-acceleration of inflation driven by services price pressures, a tight labour market, and higher energy and food costs linked to the Middle East conflict. By November, the Board will have access to the September quarter CPI release (typically published in late October), providing the most timely and comprehensive read on underlying inflation before the decision.
What to Expect
The November meeting is the most data-rich decision point in the second half of 2026. The September quarter CPI, due in late October, will confirm whether underlying inflation is tracking back toward the RBA’s 2-3% target band. This data will be central to the November decision. If trimmed mean CPI falls meaningfully from second-quarter levels, the Board may signal that the hiking cycle has peaked and that the next move could be a cut. If it remains elevated, a further hike remains possible.
Labour market conditions will also be reviewed. The September quarter data, covering employment growth, participation rates, and the Wage Price Index, will be available before November and will inform the Board’s assessment of domestic inflationary pressures. Australia’s housing market, which is particularly sensitive to rate changes given the prevalence of variable-rate mortgages, will be a further consideration: several months of higher rates are already weighing on household consumption, and the Board must balance the risk of overtightening against the risk of entrenching inflation.
The global context will also feature prominently in the November deliberations. The US Federal Reserve’s October decision (29 October) and any signal from the Bank of England and ECB in September and October will provide important context for global monetary conditions heading into November. The Chinese economy remains a key risk factor: any deterioration in Chinese demand would affect Australian commodity exports and could reduce the need for further tightening.
Cash Rate Decision History

Date
Decision
Rate
Vote

May 2026
Hike +25bp
4.35%
8-1

March 2026
Hike +25bp
4.10%
Majority

February 2026
Hike +25bp
3.85%
Majority

November 2025
Hold
3.60%
Majority

September 2025
Hold
3.60%
Majority

August 2025
Cut 25bp
3.60%
Majority

May 2025
Cut 25bp
3.85%
Majority

February 2025
Cut 25bp
4.10%
Majority

Market Impact Scenarios

Hold at 4.35% with dovish SMP (most likely if inflation moderates) – If the September quarter CPI confirms a return toward the 2-3% band, the Board will likely hold rates and use the SMP to signal that the hiking cycle has ended. The Australian dollar would weaken modestly as markets price in future cuts. The ASX 200 would rally, particularly property, consumer discretionary, and financials. Short-dated government bond yields would fall on expectations of eventual easing in 2027.
Hike 25bp to 4.60% with hawkish SMP – If underlying inflation remains elevated in the September quarter, the Board could deliver a fourth consecutive hike. AUD would strengthen. The ASX 200 would fall, with mortgage-sensitive sectors particularly affected. The Governor would use the SMP press conference to explain why further tightening is necessary despite signs of economic slowdown, citing the priority of returning inflation to the target band.
Hold at 4.35% with neutral SMP – A middle case in which the Board holds rates but does not provide clear forward guidance in either direction. This would keep markets guessing about the December decision. AUD and ASX would be relatively unchanged, with the November SMP’s inflation fan chart and GDP projection providing the main market signal.

Statement on Monetary Policy and Press Conference
As a quarterly SMP meeting, the November announcement at 2:30 pm AEST is accompanied by the full Statement on Monetary Policy, which is published simultaneously on the RBA’s website. The SMP contains the Board’s baseline economic forecasts, analysis of recent domestic and international conditions, and a discussion of risks. The Governor will then hold a press conference at 3:30 pm AEST, presenting the key findings and taking questions from journalists.
The November SMP is particularly important as it provides the last full forecast update before year-end. Any significant revision to the Board’s trimmed mean inflation projection or GDP forecast will be taken as a signal for the December decision and beyond. If the SMP shows inflation returning to the 2-3% band within the forecast horizon, markets will price a pivot toward cuts. If it shows inflation remaining above target, a further hike or an extended pause is more likely.
Related Events

FOMC Rate Decision October 2026 – The Federal Reserve’s October decision, providing the most recent US monetary policy signal ahead of the RBA’s November announcement.
ECB Rate Decision October 2026 – The ECB’s October decision, part of the broader global central bank context heading into November.
Bank of England MPC Rate Decision November 2026 – The BoE’s November decision on 5 November 2026, also a major quarterly forecast meeting, directly coinciding with the RBA’s announcement.

Frequently Asked Questions
What is the Statement on Monetary Policy and why does it matter?
The quarterly Statement on Monetary Policy (SMP) is the RBA’s most comprehensive communication tool. Published four times a year alongside the February, May, August, and November rate decisions, it contains the Board’s updated forecasts for inflation, GDP, and unemployment, as well as in-depth analysis of domestic and global economic conditions. The SMP’s central projections and fan charts are used by financial markets, economists, and policymakers to anticipate the future path of the cash rate.
When will the November 2026 RBA decision be announced?
The decision and Statement on Monetary Policy will be published at 2:30 pm AEST (3:30 am GMT) on Tuesday, 3 November 2026. The Governor’s press conference follows at 3:30 pm AEST.
What happens if the RBA hikes rates again at the November meeting?
A further hike to 4.60% in November would represent the fourth consecutive increase in the 2026 hiking cycle, taking the cash rate above the previous 2023 peak of 4.35%. This would add further pressure to household budgets, particularly for variable-rate mortgage holders, and would likely dampen consumer spending and housing market activity. The RBA would use the SMP to explain the rationale, citing the need to bring underlying inflation back within the 2-3% target band on a sustained basis.
Featured image: Photo by Fabian Mardi on Unsplash.

Riksbank Rate Decision November 2026
2026-11-04 03:30 - 04:30 (America/New_York)
Next Riksbank Rate Decision: Wednesday, November 4, 2026 at 9:30 am CET (3:30 am ET, 8:30 am London).

Consensus
Not yet published
Prior
Held at 1.75% (August 26, 2026)
Actual
Pending

Full schedule and background: Riksbank Rate Decision.
Updated September 2, 2026

← Previous Riksbank Rate Decision
Sweden’s central bank, the Riksbank, announces its next interest rate decision on Wednesday, November 4, 2026, at 9:30 am CET (3:30 am ET, 8:30 am London time). The Executive Board’s decision is published alongside a Monetary Policy Update, and the new policy rate takes effect from November 11, 2026. The current policy rate is 1.75%, unchanged since a surprise 25 basis point cut in September 2025. Full schedule and background: Riksbank Rate Decision hub.
What is the Riksbank and what does it decide?
The Riksbank is Sweden’s central bank and one of the oldest central banks in the world. Its main task is to keep inflation close to a target of 2%, measured by the CPIF (consumer price index with a fixed interest rate), while also paying attention to the real economy and employment. Its main policy tool is the policy rate, sometimes called the repo rate, which is the interest rate at which commercial banks can borrow from or deposit money with the Riksbank for seven days.
Rate decisions are taken by the Executive Board, which normally has six members. Decisions are made by majority vote, and if the vote is tied the Governor has the casting vote. The Board holds eight scheduled monetary policy meetings a year, roughly every six weeks, and each decision is published together with either a full Monetary Policy Report or a shorter Monetary Policy Update.
Because the Swedish krona is a small, open-currency economy tightly linked to the eurozone and to global trade, Riksbank decisions matter beyond Sweden’s borders. Moves in the krona affect Nordic exporters, and the Riksbank’s inflation and growth outlook is watched by other European central banks as an early read on how tariffs, energy prices and wage settlements are feeding through to prices.
When is the November Riksbank decision announced?
The decision is due on November 4, 2026 at 9:30 am CET (3:30 am ET, 8:30 am London). It will be released together with a Monetary Policy Update, a shorter document than the full quarterly Monetary Policy Report, containing the Board’s updated rate path and economic forecasts. A press conference normally follows the same morning, broadcast live on riksbank.se and YouTube, where the Governor and Deputy Governors take questions from journalists. Minutes from the meeting are usually published around two weeks later. The rate decided on November 4 takes effect from November 11, 2026.
What to expect
The Riksbank has held its policy rate at 1.75% since cutting it by 25 basis points in September 2025. Through 2026 the Board has repeatedly signalled that the easing cycle is likely complete, while leaving open the possibility of a hike if summer inflation pressures prove persistent rather than temporary. Deputy Governor Per Jansson said in August 2026 that the risk of somewhat higher inflation had increased, but that the Riksbank had room to wait before adjusting policy. No consensus forecast for the November 2026 decision has yet been published; markets and economists typically firm up expectations closer to the meeting date once the October inflation data is released.

Meeting
Decision
Rate after meeting

September 2025
Cut 25bp
1.75%

November 2025
Hold
1.75%

December 2025
Hold
1.75%

January 2026
Hold
1.75%

March 2026
Hold
1.75%

May 2026
Hold
1.75%

June 2026
Hold
1.75%

August 2026
Hold
1.75%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 1.75%
Broadly neutral for the krona, seen as continuation of a “wait and see” stance
Borrowing costs stay the same for now. This has been the most common outcome at every meeting since September 2025.

Hike
Likely to push the krona higher against the euro and dollar, as it would confirm the Riksbank sees inflation risks as more than temporary
Mortgage and loan rates in Sweden would edge up. A stronger krona makes imports cheaper but can squeeze exporters.

Dovish guidance shift
Markets would likely price in a longer hold or a future cut, weakening the krona
No immediate change to rates, but banks and analysts would revise their outlook for 2027, which can filter into fixed-rate mortgage pricing.

What will the statement and press conference signal?
Analysts will focus on three things. First, whether the Riksbank still frames the summer’s stronger inflation and growth data as temporary or as evidence of a more lasting shift, language that has shifted gradually through 2026. Second, whether the updated rate path in the Monetary Policy Update continues to flag a possible hike, or moves back towards a flat profile. Third, any dissent among the six Executive Board members, since a split vote would be read as a signal that the next move is more finely balanced than the headline decision suggests. Governor and Deputy Governors’ comments at the press conference on household spending, wage negotiations and the krona’s exchange rate will also be scrutinised for hints about the following meeting.
What It Means for Your Money
For people with mortgages in Sweden, a hold means variable mortgage rates stay where they are, while a hike would raise monthly payments on new and variable-rate loans and could nudge banks to lift the rates offered on new fixed-rate deals. Savers with Swedish bank accounts would see slightly better returns on deposits if the rate rises, and slightly worse if the Riksbank signals it is done raising rates for good.
A stronger or weaker krona affects Swedish holidaymakers and shoppers buying imported goods, and it also matters for exporters selling into the eurozone, the UK and the rest of Europe, since a weaker krona makes Swedish goods cheaper abroad but raises the cost of imported inputs. Investors holding Swedish equities, Nordic funds or krona-denominated bonds through pensions or ISAs should expect any surprise in the rate decision to move Swedish stock indices and the krona quickly, though a widely expected outcome usually has a muted market reaction. Elsewhere in Europe, the decision is watched as a signal of how quickly a small open economy can move from cutting rates to raising them again, which can influence how the European Central Bank and Bank of England frame their own inflation risks.
Related events

Previous decision: Riksbank Rate Decision September 2026
Full calendar of Riksbank meetings: Riksbank Rate Decision hub
Sweden’s inflation and labour market data released ahead of the meeting typically shape the final vote, and are covered separately on the calendar.

Frequently Asked Questions
What time is the Riksbank decision announced?
The decision is published at 9:30 am CET on November 4, 2026, which is 3:30 am ET and 8:30 am London time.
Will the Riksbank cut rates in November 2026?
A consensus forecast has not yet been published. The Riksbank has held its rate at 1.75% since September 2025 and has more recently discussed the possibility of a hike rather than a cut, according to its own public statements.
What is the current Riksbank policy rate?
The policy rate has stood at 1.75% since the Riksbank’s rate cut in September 2025, most recently confirmed unchanged at its August 2026 meeting.
When is the next Riksbank meeting after November?
The Riksbank normally holds eight monetary policy meetings a year, roughly every six weeks; check the Riksbank Rate Decision hub for the confirmed next date.
Where can I watch the press conference?
The Riksbank broadcasts its press conference live on riksbank.se and on YouTube shortly after the rate decision is published.
← Previous Riksbank Rate Decision

Norges Bank Rate Decision November 2026
2026-11-05 04:00 - 05:00 (America/New_York)
Next Norges Bank Rate Decision: Thursday, November 5, 2026 at 10:00 am CET (4:00 am ET, 9:00 am London).

Consensus
Not yet published
Prior
Held at 4.25% (September 2026)
Actual
Pending

Full schedule and background: Norges Bank Rate Decision.
Updated September 2, 2026

← Previous Norges Bank Rate Decision
Norges Bank’s Monetary Policy and Financial Stability Committee announces its next interest rate decision on Thursday, November 5, 2026, at 10:00 am CET (4:00 am ET, 9:00 am London time). The committee currently holds Norway’s policy rate at 4.25%, following a hold at the September 2026 meeting. Full schedule and background: Norges Bank Rate Decision.
What is the Monetary Policy and Financial Stability Committee and what does it decide?
The Monetary Policy and Financial Stability Committee is the body inside Norges Bank, Norway’s central bank, responsible for setting the policy rate, the interest rate at which commercial banks can place overnight deposits with the central bank. The committee’s mandate is to keep annual consumer price inflation close to 2%, while also contributing to stable output and employment and to counteracting the build-up of financial imbalances, such as excessive household debt or asset price bubbles.
The committee is chaired by the Governor of Norges Bank, currently Ida Wolden Bache, and includes the two deputy governors and external members appointed by the King in Council. Unlike the US Federal Reserve or the Bank of England, Norges Bank’s committee typically reaches decisions by consensus rather than a recorded vote, though dissent is occasionally noted in the minutes.
Norges Bank normally holds eight monetary policy meetings a year, roughly every six weeks, with four of those meetings accompanied by a full Monetary Policy Report containing new economic forecasts, and the other four being interim decisions based on updated data without a fresh set of projections.
When is the November Norges Bank decision announced?
The rate decision is announced on Thursday, November 5, 2026, at 10:00 am CET, which is 4:00 am ET and 9:00 am in London. Norges Bank publishes a short policy statement alongside the decision, followed by a press conference at which the Governor takes questions from journalists. This meeting is an interim decision, meaning the committee will not publish an updated Monetary Policy Report; the most recent full projections came with the September 2026 meeting. Norges Bank does not release separate “minutes” in the way the Federal Reserve or Bank of England do, but the statement itself sets out the committee’s reasoning in detail and is typically the main document markets scrutinise.
What to expect
Norges Bank held its policy rate at 4.25% at the September 2026 meeting, having raised it from 4% at the May 2026 meeting. Before that, the rate had been held at 4% across the November 2025, December 2025, January 2026 and March 2026 meetings. Economists and market participants will be watching Norwegian inflation and wage data released ahead of the November meeting for clues on whether the committee leans towards holding again or signalling a cut later in 2026 or in early 2027. A consensus forecast for the November decision has not yet been published.

Meeting
Decision
Rate after meeting

November 2025
Hold
4.00%

December 2025
Hold
4.00%

January 2026
Hold
4.00%

March 2026
Hold
4.00%

May 2026
Raise (+0.25pp)
4.25%

September 2026
Hold
4.25%

Source: Norges Bank policy rate decisions.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 4.25%
Broadly neutral for the Norwegian krone if guidance is unchanged; traders will focus on the statement’s tone for hints on the timing of a future cut
Borrowing costs in Norway stay where they are for now, and mortgage and savings rates linked to the policy rate do not move immediately

Cut of 25bp
Likely to weaken the krone against the euro and dollar, as lower Norwegian rates reduce the currency’s yield appeal
Cheaper borrowing for Norwegian households and businesses, but savers earn less on deposits, and imports become marginally more expensive if the krone falls

Guidance shift (hold, but signals earlier cuts)
Norwegian government bond yields could fall even without an immediate rate change, as markets price in the signalled path
No change today, but mortgage rates and fixed-term savings products may start adjusting in anticipation of cuts later in the cycle

What will the statement and press conference signal?
Analysts will read the statement closely for forward guidance on the timing of the first rate cut in this cycle, given that the rate has been held at 4.25% since May 2026. Key questions include whether the committee still views the current rate as sufficiently restrictive to bring inflation back to the 2% target, and how it is weighing recent wage settlement data against the risk that a stronger krone or slowing growth argues for an earlier move lower.
Because this is an interim meeting without a new Monetary Policy Report, the statement carries extra weight as the main written signal of the committee’s thinking. Journalists at the press conference will likely press the Governor on household debt levels, the housing market and any risks from global trade or energy prices that could feed into Norwegian inflation. Dissent within the committee, while less common than at some other central banks, would be notable if it appeared, as it would suggest a split view on the pace of future policy.
What It Means for Your Money
For homeowners in Norway with mortgages tied to the policy rate, a hold means monthly repayments stay roughly the same, while a cut would gradually feed through to lower variable mortgage rates, easing pressure on household budgets. Savers with Norwegian bank deposits would see slightly lower returns if the rate is cut, though a hold keeps existing savings rates broadly intact for now.
Currency markets watch this decision closely because Norway is not part of the eurozone and the krone trades independently. A rate cut would tend to make the krone weaker against the euro and the pound, which matters for anyone travelling to Norway, for Norwegian exporters and importers, and for UK or eurozone investors holding Norwegian assets or Norwegian government bonds. A stronger-than-expected hold, or hawkish language, tends to support the krone.
For pension funds and investors in Europe more broadly, Norges Bank’s decisions feed into the wider picture of how quickly European central banks are moving through this rate cycle. Norway’s oil-linked economy and sovereign wealth fund also mean its interest rate path is watched by global asset managers, even though Norway is a smaller economy than the eurozone, the UK or the US. Investors holding Norwegian equities or krone-denominated bonds should expect some price movement around the announcement, particularly if the tone differs from what was priced in beforehand.
Related events

Previous decision: Norges Bank Rate Decision, September 2026
Full calendar and history: Norges Bank Rate Decision hub page
Norway’s consumer price inflation data, released ahead of the meeting, is a key input the committee weighs alongside wage growth and krone movements

Frequently Asked Questions
What time is the Norges Bank decision announced?
The decision is announced at 10:00 am CET on November 5, 2026, which is 4:00 am ET and 9:00 am London time.
What is the current Norwegian policy rate?
The policy rate has stood at 4.25% since the May 2026 meeting, following a hold at the September 2026 meeting.
Will Norges Bank cut rates in November 2026?
A consensus forecast has not yet been published; markets will react to whichever way the statement leans, whether a hold, a cut, or guidance pointing to a future move.
When is the next Norges Bank meeting after November 2026?
Norges Bank typically meets roughly every six weeks; check the Norges Bank Rate Decision hub page for the confirmed date of the following meeting.
Where can I watch the press conference?
Norges Bank streams the press conference live on its own website following the release of the policy statement.
← Previous Norges Bank Rate Decision

Bank of England MPC Rate Decision November 2026
2026-11-05 07:00 - 08:00 (America/New_York)
Next Bank of England MPC Rate Decision: Thursday, November 5, 2026 at 12:00 pm GMT (7:00 am ET, 12:00 pm London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: Bank of England MPC Rate Decision.
Updated August 25, 2026

← Previous Bank of England MPC Rate DecisionNext Bank of England MPC Rate Decision →
The Bank of England will announce its November 2026 interest rate decision on Thursday, 5 November 2026, at 12:00 noon GMT. The Monetary Policy Committee (MPC) meets eight times a year, and November is one of four meetings accompanied by a Monetary Policy Report (MPR), providing updated forecasts for inflation, growth, and employment over a three-year horizon. As of the most recent decision in April 2026, Bank Rate stands at 3.75%, held since December 2025.
Bank of England MPC Decision: November 5, 2026
The November meeting carries particular weight because it produces the quarterly Monetary Policy Report, which sets out the MPC’s updated central projections and fan charts for inflation and GDP. The November MPR will provide the clearest signal yet about whether the Bank sees scope for easing in 2027, or whether persistent inflation will require rates to remain on hold, or rise, through the year ahead.
Bank Rate has been held at 3.75% since December 2025, when the MPC cut by 25 basis points in a narrow 5-4 vote. Three consecutive decisions since then have resulted in holds. In April 2026, the MPC voted 8-1 to hold, with one member dissenting in favour of raising Bank Rate to 4.00%, citing continued above-target inflation and the risk of energy-price second-round effects stemming from the Middle East conflict. Markets and independent forecasters are divided on the outlook: some expect one or two cuts before year-end 2026, while others, including Oxford Economics, forecast no change through 2026 and into 2027.
The decision will be announced at 12:00 noon GMT on Thursday, 5 November 2026. The MPC’s vote breakdown and the full MPR will be published simultaneously.
What to Expect
The primary factor shaping the November decision will be the trajectory of UK consumer price inflation. The Office for National Statistics reported CPI inflation of 2.8% in the twelve months to April 2026, down from 3.3% in March, with the improvement driven largely by the introduction of the energy price cap on 1 April 2026. However, services inflation remained elevated, and the Bank’s own April MPR projected CPI rising to 3.3% in the third quarter of 2026, a forecast 1.4 percentage points higher than its February projection, reflecting sharply higher energy and food prices linked to the Middle East conflict.
Whether those projections prove accurate will be central to the November deliberations. If energy prices moderate through the summer and autumn, the Bank’s near-term inflation profile will ease, potentially reopening the debate about cuts. If they remain elevated, the MPC’s hawkish minority may grow, and a hike cannot be ruled out.
Labour market data will also matter. UK unemployment has remained low throughout 2026, and Average Weekly Earnings growth, while slowing from the peaks of 2023 and 2024, has remained above levels consistent with the 2% inflation target. The Bank watches wage dynamics closely as a leading indicator of domestically generated inflation. Any acceleration in earnings growth in the data available before November would make a cut significantly less likely.
Fiscal policy is a further consideration. Autumn Budget decisions and any changes to government spending or taxation could have implications for aggregate demand and, by extension, the inflation outlook. The Bank will incorporate any fiscal announcements into its MPR projections.
Rate Decision History

Date
Decision
Rate
Vote

April 2026
Hold
3.75%
8-1

March 2026
Hold
3.75%
9-0

February 2026
Hold
3.75%
Majority

December 2025
Cut 25bp
3.75%
5-4

November 2025
Hold
4.00%
5-4

August 2025
Cut 25bp
4.00%
Majority

May 2025
Cut 25bp
4.25%
7-2

February 2025
Hold
4.50%
Majority

Market Impact Scenarios

Hold at 3.75% (consensus) – A hold is the most likely outcome if inflation remains above target through the summer. Sterling would likely hold steady against the euro and dollar. Gilt yields would see limited movement. Markets would focus on the MPR’s forward guidance: a projection showing inflation returning sustainably to target by 2027 would be interpreted as pre-conditioning for future cuts, likely supporting short-dated gilts. The vote split will matter: a unanimous hold is more hawkish than a hold with several members favouring a cut.
Cut 25bp to 3.50% – A cut to 3.50% would represent a significant positive surprise for bond markets, requiring clear evidence that inflation had fallen decisively and that the Middle East energy shock had proved transitory. Sterling would likely weaken 0.5-1.0% on the day against major peers. Gilt prices would rally across the curve, particularly in shorter maturities. Such a move would require a markedly dovish MPR, with inflation projected to return to 2% by mid-2027 or earlier.
Hike 25bp to 4.00% – A hike would be the biggest surprise and is not currently priced by markets. It would signal that the Bank views inflation risks as decisively tilted upward, likely due to an inflation re-acceleration or a persistently tight labour market. Sterling would strengthen sharply. UK gilts would sell off across the curve. Equity markets would react negatively, with rate-sensitive sectors including housing, retail, and financials particularly affected.

The size of any rate move matters as much as the direction. A 50 basis point cut or hike, while highly unlikely, would represent a decisive shift in policy stance and generate outsized market reaction. The MPC has historically preferred gradualism in both directions.
Press Conference and Forward Guidance
Following the noon announcement, the Governor of the Bank of England will hold a press conference at approximately 12:30 pm GMT to present the Monetary Policy Report and take questions from journalists. This press conference is one of the more closely watched events in the UK financial calendar. The Governor’s framing of the economic outlook, language around the future rate path, and tone in response to questions can move markets as much as the rate decision itself.
Key phrases to monitor include any reference to the policy rate being “restrictive”, whether the MPC characterises risks to inflation as “balanced” or “skewed to the upside”, and whether forward guidance is framed as data-dependent or offers any implicit timetable for future moves. The MPR fan charts will be scrutinised for whether the central projection for CPI returns to 2% within the two-year forecast horizon, which is the Bank’s primary remit. Any language suggesting openness to easing in early 2027 would be taken as a dovish signal, while a projection showing inflation remaining above target throughout 2027 would support an extended hold, or even a hike.
Related Events

Bank of England MPC Rate Decision September 2026 – The preceding MPC decision, providing context for how policy evolved in the run-up to November.
Bank of England MPC Rate Decision December 2026 – The next scheduled MPC decision following November, also a non-MPR meeting.
FOMC Rate Decision October 2026 – The Federal Reserve’s rate decision in October, providing global monetary policy context for the Bank of England’s November deliberations.

Frequently Asked Questions
What is the Bank of England’s mandate and how does the MPC decide on Bank Rate?
The Bank of England’s primary mandate is to maintain price stability, defined as a CPI inflation rate of 2%. The Monetary Policy Committee, which comprises nine members including the Governor, Deputy Governors, and external experts, sets Bank Rate by majority vote at each scheduled meeting. When the Bank Rate deviates from 2% by more than 1 percentage point, the Governor must write an open letter to the Chancellor explaining why and what action is being taken.
When exactly will the November 2026 MPC decision be announced?
The Bank of England will publish the MPC decision, vote breakdown, Monetary Policy Summary, and full Monetary Policy Report simultaneously at 12:00 noon GMT on Thursday, 5 November 2026. A press conference with the Governor will follow at approximately 12:30 pm GMT.
What does a Bank Rate change mean for UK borrowers and savers?
Bank Rate is the interest rate the Bank of England charges commercial banks to borrow money overnight, and it directly influences the rates those banks offer on mortgages, loans, and savings accounts. A cut in Bank Rate typically leads to lower mortgage rates and reduced returns on savings. A hike does the opposite. Variable-rate and tracker mortgage holders are most immediately affected, while fixed-rate borrowers are insulated until their deal expires.

FOMC Minutes November 2026
2026-11-18 14:00 - 15:00 (America/New_York)
Next FOMC Minutes: Wednesday, November 18, 2026 at 2:00 pm ET (7:00 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
Held at 3.50%-3.75% (July 29, 2026, vote 9-3)
Actual
Pending

Full schedule and background: FOMC Minutes.
Updated September 2, 2026

← Previous FOMC Minutes
The Federal Open Market Committee (FOMC) publishes the minutes of its October 27-28, 2026 meeting on Wednesday, November 18, 2026 at 2:00 pm ET, which is 7:00 pm in London. The minutes are released three weeks after the policy decision and give a detailed account of the discussion behind the vote, including how members weighed inflation, employment and financial stability risks. Full schedule and background: FOMC Minutes.
Note on timing: the Federal Reserve has not published a separate confirmation notice for this specific minutes release beyond the standing pattern. FOMC minutes are, as a rule, released three weeks after the second day of each scheduled meeting, so November 18, 2026 follows that established convention rather than a fresh announcement.
What is the FOMC and what does it decide?
The FOMC is the branch of the Federal Reserve System responsible for setting US monetary policy, principally the federal funds rate, the interest rate at which banks lend reserves to each other overnight. Its decisions ripple through mortgage rates, savings yields, business borrowing costs and the value of the dollar worldwide.
The committee operates under a dual mandate from Congress: maximum employment and stable prices, which the Fed interprets as inflation averaging around 2% over time. It comprises the seven members of the Board of Governors and five of the twelve regional Federal Reserve Bank presidents, who rotate voting rights annually (the New York Fed president votes every year).
The FOMC holds eight regularly scheduled meetings a year, roughly every six to eight weeks, according to the Federal Reserve’s own meeting calendar. Four of these meetings, in March, June, September and December, are accompanied by a Summary of Economic Projections, popularly known as the dot plot.
When is the October FOMC decision reflected in these minutes?
The minutes released on November 18, 2026 cover the two-day meeting held October 27-28, 2026, which is the meeting immediately before this minutes publication. The policy statement and rate decision from that meeting were announced on October 28 at 2:00 pm ET, with a press conference roughly 30 minutes later, in the Fed’s usual format. The October meeting did not carry a Summary of Economic Projections; that material is reserved for the March, June, September and December meetings. The minutes themselves add colour that the same-day statement cannot: the balance of views among members, any dissents, and how officials characterised the outlook for growth, inflation and the labour market.
What to expect
At its most recently confirmed decision before the autumn cycle, the FOMC held its target range at 3.50% to 3.75% at the July 28-29, 2026 meeting, a hold that passed 9-3, according to reporting summarised by FedRateCalc. That range had also been maintained at the March 18, 2026 meeting, as noted by Equals Money. Markets watching the September and October meetings have continued to price expectations through tools such as the CME FedWatch tool and overnight index swaps, though this page does not have a verified, sourced outcome for those two meetings at the time of writing. Readers should check the Federal Reserve’s own statement pages for the confirmed September 16 and October 28, 2026 decisions.

Meeting
Decision
Rate after meeting

March 17-18, 2026
Hold
3.50% – 3.75%

July 28-29, 2026
Hold (vote 9-3)
3.50% – 3.75%

Rows for meetings without an independently verified outcome have been omitted rather than guessed. Check the Fed’s official calendar and statements for the confirmed record of every meeting.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Minutes show a hawkish tilt
Traders may push back the timing of any future rate cut, according to typical patterns seen on CME FedWatch after hawkish minutes
Borrowing costs stay higher for longer, which can support the dollar but weigh on stock prices

Minutes show a dovish tilt
Futures markets often price in a higher probability of an earlier or larger rate cut
Cheaper borrowing becomes more likely sooner, which can lift shares but weaken the dollar

Minutes reveal a split committee
Analysts typically flag rising uncertainty about the next move, increasing volatility around subsequent data releases
No clear signal for savers or borrowers yet, so rates on mortgages and deposits may stay range-bound until the next meeting

What will the minutes signal?
Analysts read FOMC minutes for three things: forward guidance on the likely path of rates, evidence of internal disagreement (dissents), and any discussion of the Fed’s balance sheet, including the pace of asset holdings runoff or reinvestment. A minutes text that repeats a “data dependent” framing without new detail is usually read as a signal of no near-term change. A minutes text that shows several members pushing for a different path than the one taken at the meeting can move bond yields even though the policy decision itself is already three weeks old news.
Watch, too, for any language on financial stability, since minutes sometimes flag risks in specific markets such as commercial property or leveraged lending that do not appear in the shorter post-meeting statement.
What It Means for Your Money
The federal funds rate sets the base for a wide range of borrowing costs. If the minutes suggest the Fed is closer to cutting, US mortgage rates and other loan and credit card rates can start to drift lower even before an actual cut, because lenders price in expectations. If the minutes suggest the Fed will hold rates higher for longer, variable-rate loans and new fixed-rate mortgages tend to stay expensive, and savings accounts and money market funds keep paying attractive yields for a little longer.
For UK and eurozone readers, US rate expectations still matter. A more hawkish Fed tends to support the dollar against the pound and the euro, which makes imports priced in dollars, including oil, more expensive in London and Frankfurt. It can also pull global bond yields higher, indirectly nudging UK and eurozone mortgage and loan pricing even though the Bank of England and the European Central Bank set their own rates separately. For pensions and other investments, shifts in Fed rate expectations move US Treasury yields, which in turn affect global bond and equity valuations, including funds widely held in UK workplace pensions and European retirement schemes.
Related events

Previous FOMC minutes: October 2026 FOMC Minutes
The Fed’s official October 27-28, 2026 meeting statement and press conference, published on the Federal Reserve’s calendar page
US inflation (CPI) and employment (nonfarm payrolls) releases published in the weeks before the October and December FOMC meetings, which shape the discussion recorded in these minutes

Frequently Asked Questions
What time are the November 2026 FOMC minutes released?
The minutes are released at 2:00 pm ET on November 18, 2026, which is 7:00 pm in London.
Which meeting do these minutes cover?
They cover the two-day FOMC meeting held October 27-28, 2026, giving a fuller account of that meeting’s discussion than the same-day policy statement.
What is the current federal funds rate?
The target range was 3.50% to 3.75% after the July 28-29, 2026 meeting, according to Federal Reserve reporting; readers should check the Fed’s own statement for any change made at the September or October 2026 meetings.
When is the next FOMC meeting?
The FOMC’s final scheduled meeting of 2026 is on December 8-9, 2026, with the decision due on December 9 and accompanied by a fresh Summary of Economic Projections.
Where can I read the minutes in full?
The full text is published on the Federal Reserve’s own monetary policy calendar page alongside the original statement and implementation note.
← Previous FOMC Minutes

PBoC Loan Prime Rate November 2026
2026-11-19 20:00 - 21:00 (America/New_York)
Next PBoC Loan Prime Rate: Friday, November 20, 2026 at 9:00 am CST (8:00 pm ET, 1:00 am London).

Consensus
Not yet published
Prior
Held at 3.0% (1-year) / 3.5% (5-year), unchanged since at least April 2026
Actual
Pending

Full schedule and background: PBoC Loan Prime Rate.
Updated September 2, 2026

← Previous PBoC Loan Prime Rate
The People’s Bank of China (PBoC) announces its Loan Prime Rate (LPR) decision for November 2026 on Friday, November 20, 2026, at 9:00 am China Standard Time, which is 8:00 pm ET on Thursday, November 19, and 1:00 am London time on Friday. The LPR is China’s benchmark lending rate, published monthly and used as the reference point for new bank loans and mortgages across the country. Full schedule and background: PBoC Loan Prime Rate.
What is the PBoC and what does it decide?
The People’s Bank of China is the country’s central bank. Unlike the US Federal Reserve or the Bank of England, it does not set a single headline interest rate through a vote by a rate-setting committee. Instead, the PBoC calculates and publishes the Loan Prime Rate each month based on submissions from a panel of 18 designated commercial banks, which quote the rate they charge their best corporate customers.
There are two LPR figures: the one-year rate, which anchors most new corporate and consumer loans, and the five-year-plus rate, which is the reference point for mortgage pricing. The PBoC’s Monetary Policy Committee, an advisory body rather than a voting board, meets quarterly to review broader policy settings, but the LPR itself is fixed on the 20th of each month (or the next business day if that falls on a weekend or holiday), based on the previous day’s bank submissions.
Changes in the LPR flow through to the real economy quickly. A lower one-year LPR reduces borrowing costs for small businesses and consumer loans, while a lower five-year LPR cuts the cost of new mortgages, a lever Beijing has used repeatedly to support its property sector.
When is the November PBoC decision announced?
The November 2026 fixing is released on Friday, November 20, 2026, at 9:00 am local time in Beijing (8:00 pm ET the previous evening, 1:00 am London time). There is no accompanying press conference or written statement in the way the Federal Reserve or European Central Bank publish one. The PBoC simply posts the one-year and five-year LPR figures on its official website, alongside the results of the loan prime rate quoting mechanism.
Any broader signal on policy direction typically comes separately, through the PBoC’s quarterly Monetary Policy Report or statements around reserve requirement ratio changes, rather than through commentary tied to the LPR release itself.
What to expect
As of the most recent verified reading, the PBoC held the one-year LPR at 3.0% and the five-year LPR at 3.5% in April 2026, marking an 11th consecutive month without a change, according to CNBC. That freeze reflected resilient first-quarter growth and policymakers’ preference to hold back stimulus while assessing external risks, including the impact of higher global oil prices at the time.
A formal, widely published consensus forecast in the style of a Reuters poll is not routinely produced for the monthly LPR fixing in the way it is for Federal Reserve or Bank of England meetings. Economists watching Chinese policy generally frame their expectations around whether the PBoC will use other tools first, such as the reserve requirement ratio or open market operations, before adjusting the LPR itself.

Meeting
Decision
Rate after meeting (1-year / 5-year)

April 2026
Held
3.0% / 3.5%

Only the April 2026 fixing above has been independently verified against a primary source at the time of writing. Readers should check the PBoC’s own release for the confirmed history of monthly fixings between April and November 2026.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Read as a signal that Beijing sees current growth and inflation conditions as manageable without fresh stimulus
Borrowing costs for mortgages and business loans in China stay the same

Cut
Typically read as a sign of concern about slowing growth, weak property demand or soft consumer spending
Cheaper loans and mortgages in China, but a signal the economy may need support

Guidance shift via other tools
Analysts watch reserve requirement ratio changes or liquidity operations as an alternative to moving the LPR directly
Banks may have more cash to lend even if the headline LPR does not move

What will the statement and press conference signal?
There is no press conference tied to the LPR fixing, so markets instead look for context clues: comments from PBoC officials in state media, the pace of medium-term lending facility operations, and any adjustment to bank reserve requirements in the days around the announcement. Analysts also watch whether commercial banks’ net interest margins are under pressure, since squeezed bank profitability can make lenders reluctant to lower their LPR quotes even if the PBoC wants looser policy.
Dissent in the formal sense does not apply here, since the LPR is a weighted average of submissions from the 18 quoting banks rather than a committee vote. The main risk analysts flag is a mismatch between the LPR and the property market: if mortgage demand stays weak despite low rates, further mortgage-specific support measures could follow outside the LPR mechanism itself.
What It Means for Your Money
For people with loans or mortgages in China, a lower five-year LPR directly reduces the reference rate used to price new and, in many cases, existing floating-rate mortgages, lowering monthly repayments. A hold keeps repayments unchanged. For savers in China, deposit rates tend to move in the same direction as the LPR over time, so a prolonged freeze also means little change to returns on bank deposits.
Outside China, the LPR decision matters mainly through its effect on global growth expectations and the exchange rate. A weaker Chinese economy, signalled by repeated LPR cuts, can dampen demand for commodities and goods exported by the UK, eurozone and other Asian economies, while affecting the value of the yuan against the dollar and pound. Investors holding shares in companies with significant China exposure, including luxury goods, mining and semiconductor firms, and those holding funds or pensions with emerging market allocations, may see indirect effects on portfolio values. Currency traders also watch the fixing for signals about the yuan’s managed exchange rate band.
Related events

Previous decision: PBoC Loan Prime Rate, October 2026
Full PBoC LPR schedule and background: PBoC Loan Prime Rate hub
China’s monthly inflation and trade data releases, published in the weeks before the LPR fixing, are typically the key inputs the PBoC weighs when setting the rate

Frequently Asked Questions
What time is the November 2026 PBoC LPR announced?
The fixing is published at 9:00 am China Standard Time on Friday, November 20, 2026, which is 8:00 pm ET the previous evening and 1:00 am London time.
What is the current Loan Prime Rate?
As of the most recently verified reading, the one-year LPR stood at 3.0% and the five-year LPR at 3.5%, unchanged since April 2026, according to CNBC’s report on the April fixing.
Will the PBoC cut rates in November 2026?
There is no widely published consensus forecast for this specific fixing. Whether the PBoC holds or cuts depends on incoming growth, inflation and property market data, and any decision should be treated as a possibility rather than a prediction.
When is the next PBoC LPR decision?
The PBoC fixes the LPR monthly, typically on the 20th of each month or the next business day. Check the PBoC Loan Prime Rate hub for the next confirmed date.
Where can I see the official LPR figures?
The PBoC publishes the fixing on its own website, at pbc.gov.cn.
← Previous PBoC Loan Prime Rate

Beige Book November 2026
2026-11-25 14:00 - 15:00 (America/New_York)
Next Beige Book: Wednesday, November 25, 2026 at 2:00 pm ET (7:00 pm London).

Consensus
Not yet published
Prior
Held at 3.50%-3.75% (July 28-29, 2026)
Actual
Pending

Full schedule and background: Beige Book.
Updated September 2, 2026

← Previous Beige Book
The Federal Reserve publishes the November 2026 Beige Book on Wednesday, November 25, 2026, at 2:00 pm ET (7:00 pm London). This is not a rate decision. It is a qualitative survey of economic conditions across the Fed’s twelve regional districts, compiled from interviews with business contacts, economists and market experts. It is released eight times a year, roughly two weeks before each Federal Open Market Committee (FOMC) meeting, and is one of the inputs policymakers use when deciding whether to hold, cut or raise the federal funds rate. Full schedule and background: Beige Book release dates.
What is the FOMC and what does it decide?
The Federal Open Market Committee is the Federal Reserve’s policy-setting body. It has a dual mandate: maximum employment and stable prices, generally interpreted as inflation around 2%. The committee sets the federal funds rate, the interest rate at which banks lend to each other overnight, which flows through to mortgages, business loans, credit cards and savings accounts across the US and, indirectly, global borrowing costs.
The FOMC has twelve voting members: the seven Federal Reserve Board governors, the president of the New York Fed, and four of the remaining eleven regional Reserve Bank presidents on a rotating basis. It meets eight times a year, and the Beige Book is prepared for each of those meetings using reports gathered by the twelve regional Reserve Banks rather than hard economic data.
Because the Beige Book is anecdotal rather than statistical, it does not move markets the way a jobs report or a rate decision does. Its value is in giving a real-time, on-the-ground read of hiring, pricing, wages and demand that will not appear in official data for weeks.
When is the November 2026 Beige Book announced?
The report is scheduled for release at 2:00 pm ET (7:00 pm London) on Wednesday, November 25, 2026. There is no press conference attached to the Beige Book itself. It is published as a written document by the Federal Reserve Board and is timed to land ahead of the FOMC’s next scheduled meeting on December 8 and 9, 2026, when the committee will next vote on the target range for the federal funds rate and, because December is a Summary of Economic Projections meeting, publish updated growth, inflation and rate forecasts along with the closely watched “dot plot”.
What to expect
The Beige Book does not carry a consensus forecast in the way inflation or jobs data do, because it is a qualitative narrative rather than a number. According to FedRateCalc’s tracking of the 2026 FOMC schedule, the FOMC held its target range at 3.5% to 3.75% at the July 28 and 29, 2026 meeting, voting 9 to 3 to hold. That range was still the confirmed starting point heading into the September 15 and 16, 2026 meeting. Traders will read the November Beige Book for clues on whether regional conditions support another hold, a cut, or renewed caution at the December meeting, and pricing in tools such as the CME FedWatch tool typically shifts in the hours after release if the report flags a marked change in hiring or pricing pressure.

Meeting
Decision
Rate after meeting

July 28-29, 2026
Held (9-3 vote)
3.50%-3.75%

September 15-16, 2026
To be confirmed by the Federal Reserve
3.50%-3.75% (as of the July decision)

December 8-9, 2026
Next scheduled decision
Not yet decided

Rows for meetings between September and December are omitted here because the outcomes had not been independently verified against the Federal Reserve’s own release schedule at the time of writing. Readers should check the Federal Reserve’s official Beige Book page for the confirmed record of each meeting.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Beige Book describes steady, unremarkable conditions
Little reaction; traders keep existing rate-cut or hold bets largely unchanged
Businesses across the country are seeing roughly the same demand and costs as before, so the Fed has no new reason to change course quickly

Beige Book flags cooling hiring or weaker demand
Bond yields can dip and rate-cut bets can firm, according to typical trader positioning around soft anecdotal data
If firms in several districts say hiring is slowing, that supports the case for the Fed to cut rates sooner to support jobs

Beige Book flags persistent price or wage pressure
Yields can edge up and rate-cut expectations can be pushed back
If businesses report they are still raising prices or paying more for staff, the Fed has less room to cut without risking higher inflation

What will the statement and press conference signal?
Because the Beige Book has no press conference, the signal comes from its written language rather than a spoken briefing. Analysts compare the tone of each district’s summary against the previous report, watching for words such as “moderate”, “flat” or “declining” activity, and for any district specifically flagging layoffs, tariff-related cost pressure or credit tightening. The report feeds directly into the discussion at the December 8-9, 2026 FOMC meeting, where officials will also weigh the latest inflation and employment data, any dissent among voting members, and the pace of the Fed’s balance sheet run-off, before deciding on the rate and publishing updated projections.
What It Means for Your Money
The Beige Book itself rarely moves mortgage rates, savings rates or the dollar on its own, because it contains no new hard data and no vote. Its real relevance is as an early hint of what the Fed might do at its December meeting, which does affect household finances directly.

Mortgages and remortgaging: if the report suggests the Fed is edging toward a cut, US mortgage rates and, to a lesser extent, UK and eurozone borrowing costs that track global bond yields, can soften in anticipation.
Savings accounts: a Fed that looks more likely to cut in December can nudge US savings and money market rates lower over time; UK and eurozone savers are more affected by their own central banks but often watch Fed signals as a guide to the global rate cycle.
Loans and credit cards: variable-rate borrowing costs in the US are tied closely to the federal funds rate, so any shift in expectations for December filters through with a lag.
Currencies: a Beige Book read as dovish (more open to cutting) tends to weigh modestly on the dollar, which can support the pound and the euro; a hawkish read (more cautious) tends to do the opposite.
Pensions and stock markets: pension funds and equity investors in the US, UK and Asia price in expected Fed moves months ahead, so the Beige Book is one of many inputs that can cause small adjustments in bond and share prices rather than sharp swings on the day itself.

Related events

Previous Beige Book: September 2026 Beige Book
Next FOMC rate decision: December 8-9, 2026, when the committee also publishes updated projections and the dot plot
US inflation and jobs reports due before the December meeting will carry more weight than the Beige Book for the actual rate decision

Frequently Asked Questions
What time is the November 2026 Beige Book released?
It is published at 2:00 pm ET on Wednesday, November 25, 2026, which is 7:00 pm in London.
Does the Beige Book set interest rates?
No. It is a qualitative survey of regional business conditions that feeds into the FOMC’s discussion; the rate decision itself comes at the next scheduled FOMC meeting.
What is the current federal funds rate?
The FOMC held the target range at 3.5% to 3.75% at its July 28-29, 2026 meeting, according to tracking by FedRateCalc; readers should confirm against the Federal Reserve’s own releases for any decisions made since.
When is the next FOMC rate decision after this Beige Book?
The next scheduled meeting is December 8-9, 2026, which also includes updated economic projections.
Where can I read the full Beige Book?
The full report is published on the Federal Reserve’s own Beige Book page.
← Previous Beige Book

RBA Rate Decision December 2026
2026-12-08 00:00 - 23:59 UTC
Next RBA Rate Decision: Tuesday, December 8, 2026 at 2:30 pm AEST (10:30 pm ET, 3:30 am London).

Consensus
Not yet published
Actual
Pending

Updated August 25, 2026

← Previous RBA Rate Decision
The Reserve Bank of Australia (RBA) will announce its final interest rate decision of 2026 on Tuesday, 8 December 2026, at 2:30 pm AEST. The Monetary Policy Board meets over two days (7-8 December), with the outcome published on the second day, followed by a Governor’s press conference at 3:30 pm. As of May 2026, the cash rate target stands at 4.35% following three consecutive hikes in 2026 that reversed all the cuts made in 2025.
RBA Rate Decision: December 8, 2026
December’s meeting is the eighth and final Monetary Policy Board decision of 2026. It comes without a quarterly Statement on Monetary Policy (the November meeting carries the SMP), making it a shorter, more focused decision. By December, the Board will have a comprehensive picture of how Australian economic conditions have evolved across the full year: whether the three hikes of early 2026 have succeeded in bringing inflation back toward the 2-3% target band, and whether further tightening is required or whether the cycle has peaked.
The current cash rate of 4.35% matches the peak reached in late 2023, before the RBA began cutting in February 2025. The three hikes of 2026 (February, March, and May) were driven by a re-acceleration of underlying inflation, a persistently tight labour market, and rising energy and food prices linked to the Middle East conflict. All three cuts of 2025 have now been fully reversed. Markets have been pricing approximately one additional 25 basis point hike to 4.60% by year-end, though the timing has remained uncertain.
The December decision will be announced at 2:30 pm AEST on Tuesday, 8 December 2026, followed by a press conference at 3:30 pm AEST.
What to Expect
By December 2026, the RBA will have assessed several months of additional inflation data. The key question is whether underlying inflation has moderated sufficiently to justify a pause, or whether it remains stubbornly elevated, warranting a further hike to 4.60%. The RBA’s trimmed mean inflation measure, published by the Australian Bureau of Statistics (ABS) with each quarterly CPI release, is the Board’s preferred gauge of underlying price pressures, stripping out volatile items such as fuel and fresh produce.
The Australian labour market has remained remarkably resilient through 2026’s hiking cycle. Unemployment has stayed near multi-decade lows, and wage growth has remained above levels consistent with the 2-3% inflation target over a sustained period. A persistent mismatch between labour demand and supply contributes to services inflation, which the RBA has flagged as a structural concern.
Global factors will also weigh on the December decision. Conditions in China, Australia’s largest trading partner, are critical to commodity export revenues and domestic economic confidence. The trajectory of US Federal Reserve policy and global financial conditions will influence the Australian dollar and imported inflation. By December, the Board will have the benefit of several additional data points on global growth, trade, and commodity prices.
If inflation data between August and November 2026 shows a sustained return toward the target band, the Board may signal that the hiking cycle has peaked and that the next move could eventually be a cut. If inflation proves more persistent, a hike in December to 4.60% remains possible. The RBA’s communication leading into the December meeting, including any public speeches by the Governor or Deputy Governor, will be closely monitored for signals.
Cash Rate Decision History

Date
Decision
Rate
Vote

May 2026
Hike +25bp
4.35%
8-1

March 2026
Hike +25bp
4.10%
Majority

February 2026
Hike +25bp
3.85%
Majority

November 2025
Hold
3.60%
Majority

September 2025
Hold
3.60%
Majority

August 2025
Cut 25bp
3.60%
Majority

May 2025
Cut 25bp
3.85%
Majority

February 2025
Cut 25bp
4.10%
Majority

Market Impact Scenarios

Hold at 4.35% (base case) – If underlying inflation is tracking back toward the 2-3% band, a hold is the most likely outcome. The Australian dollar (AUD) would hold steady against major currencies. Australian government bond yields would see limited movement. The ASX 200 would likely react positively to confirmation that the hiking cycle has peaked, with rate-sensitive sectors including property and financials outperforming. The Board’s statement would focus on when, not whether, the next move might be a cut.
Hike 25bp to 4.60% – A hike in December would signal that the Board views inflation as not yet sufficiently tamed. The AUD would strengthen against the US dollar and euro. Bond yields would rise. The ASX 200 would likely fall, with mortgage-sensitive sectors including banks and residential property under pressure. Australian households carry high levels of variable-rate debt, making further hikes particularly sensitive for consumer confidence.
Cut 25bp to 4.10% – A cut at the December meeting would be a significant surprise and would require a sharp moderation in both headline and underlying inflation to well within the target band. The AUD would weaken sharply. Bond prices would rally. Such a move is unlikely given the recent hiking cycle but cannot be entirely excluded if growth slows sharply through the second half of 2026.

Statement and Press Conference
Following the 2:30 pm AEST announcement, RBA Governor Michele Bullock will hold a press conference at 3:30 pm AEST to explain the Board’s decision and answer media questions. The post-decision statement will be scrutinised for any change in language about the Board’s assessment of inflation risks and the future path of the cash rate. As a non-SMP meeting, the statement will be shorter than the quarterly reports but still provides the primary communication channel for the Board’s current thinking.
The minutes of the December meeting will be published two weeks after the decision. They provide a more detailed account of the Board’s deliberations and are used by economists and market participants to assess the distribution of views within the Board. Any shift toward a more dovish tone in the minutes, or a reduction in the number of members favouring further hikes, would be taken as a signal that the tightening cycle has run its course.
Related Events

FOMC Rate Decision December 2026 – The US Federal Reserve’s December decision, which will influence global monetary conditions and the AUD/USD rate ahead of the RBA’s announcement.
ECB Rate Decision December 2026 – The European Central Bank’s December decision, providing broader context for global monetary policy heading into year-end 2026.
Bank of England MPC Rate Decision December 2026 – The BoE’s December decision on 17 December, another major central bank decision in the same month.

Frequently Asked Questions
What is the RBA’s inflation target and how does the cash rate affect it?
The Reserve Bank of Australia targets CPI inflation of 2-3% on average over the medium term. The cash rate target is the primary monetary policy tool: raising rates increases borrowing costs, dampening spending and investment, which in turn reduces inflationary pressure. Cutting rates does the opposite. The trimmed mean CPI, which strips out the most volatile price movements, is the Board’s preferred underlying inflation gauge.
When will the December 2026 RBA decision be announced?
The decision will be published at 2:30 pm AEST (3:30 am GMT) on Tuesday, 8 December 2026, following a two-day Monetary Policy Board meeting on 7-8 December. The Governor’s press conference follows at 3:30 pm AEST.
How does the RBA cash rate affect Australian mortgages?
The RBA cash rate directly influences variable-rate mortgage rates offered by Australian banks. Australia has a high proportion of variable-rate and short-fixed-term mortgages relative to other developed economies, meaning rate changes flow through quickly to household budgets. A 25 basis point increase in the cash rate typically adds approximately A$75-100 per month to repayments on a A$500,000 variable mortgage. Rate-sensitive property markets, particularly Sydney and Melbourne, watch RBA decisions closely.
Featured image: Photo by Fabian Mardi on Unsplash.

RBNZ Rate Decision December 2026
2026-12-08 20:00 - 21:00 (America/New_York)
Next RBNZ Rate Decision: Wednesday, December 9, 2026 at 2:00 pm NZDT (8:00 pm ET, 1:00 am London).

Consensus
Not yet published
Prior
Hiked to 2.50% (July 8, 2026)
Actual
Pending

Full schedule and background: RBNZ Rate Decision.
Updated September 2, 2026

← Previous RBNZ Rate Decision
The Reserve Bank of New Zealand’s Monetary Policy Committee announces its Official Cash Rate (OCR) decision on Wednesday, December 9, 2026, at 2:00 pm NZDT, which is 8:00 pm ET on Tuesday, December 8, and 1:00 am London time on December 9. The RBNZ sets New Zealand’s benchmark interest rate, which most recently stood at 2.50% following a hike at the July 2026 meeting. Full schedule and background: RBNZ Rate Decision hub page.
What is the RBNZ Monetary Policy Committee and what does it decide?
The Monetary Policy Committee (MPC) is the body inside the Reserve Bank of New Zealand responsible for setting the Official Cash Rate, the interest rate that influences borrowing costs across the New Zealand economy. It is a six-person panel that includes the Governor and internal and external members, and it operates under a remit from the government to keep annual inflation between 1% and 3%, with a focus on the 2% midpoint, while supporting maximum sustainable employment.
Unlike some central banks that publish individual votes as a matter of course, the RBNZ’s committee generally seeks to reach decisions by consensus, though splits do occur and are recorded in the meeting minutes. The committee meets seven times a year, roughly every six to seven weeks, and each decision is accompanied by a written statement explaining the reasoning.
Four times a year the OCR announcement is paired with a Monetary Policy Statement, a longer document setting out the RBNZ’s economic forecasts, including its projected path for the OCR itself, commonly referred to by traders as the interest rate track.
When is the December RBNZ decision announced?
The decision is released at 2:00 pm New Zealand time on December 9, 2026, alongside a statement from the Monetary Policy Committee. If this meeting coincides with a quarterly Monetary Policy Statement, the RBNZ also publishes updated economic projections and the Governor typically holds a press conference shortly after the announcement to take questions from journalists. Minutes or a record of the meeting, when published, generally follow within the RBNZ’s usual disclosure timetable rather than weeks later, in line with the Reserve Bank’s own published schedule of OCR decision dates.
What to expect
At the time of writing, a consensus forecast for the December 2026 decision has not yet been published. Traders typically look to overnight index swap pricing and to bank economists in New Zealand and Australia for a read on the likely outcome closer to the meeting date, and that pricing can shift quickly if New Zealand inflation or employment data surprise in either direction before December 9.
The most recent confirmed move came at the July 8, 2026 meeting, when the RBNZ raised the OCR by 25 basis points to 2.50%, its first hike in more than three years, a decision described by FocusEconomics as “in line with market expectations”. That followed a prolonged hold that had been in place since November 2025, and a closely split May 2026 meeting in which the committee divided three-three before the Governor’s tie-breaking vote favoured a hold.

Meeting
Decision
Rate after meeting

November 2025
Held
2.25%

May 2026
Held (3-3 split, Governor’s casting vote)
2.25%

July 8, 2026
Hiked 25bp
2.50%

Rows for meetings between these dates and for the October 2026 decision are omitted here because they could not be independently verified against the RBNZ’s own releases at the time of writing. Readers should check the Reserve Bank’s official OCR page for the confirmed rate ahead of the December announcement.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Seen as a pause to assess incoming inflation and jobs data
Borrowing costs in New Zealand stay where they are for now, and the New Zealand dollar’s reaction depends on the tone of the statement rather than the decision itself

Hike
Read as the RBNZ leaning further against above-target inflation risks
Mortgage and business borrowing costs in New Zealand would likely rise further, and the currency could strengthen if the move is seen as decisive

Guidance shift
Markets focus on the tone of the statement and any updated rate track rather than the OCR level itself
Even with no change to the OCR, hints about future moves can shift mortgage pricing and the currency within hours

What will the statement and press conference signal?
Analysts watching the December statement will focus on how the committee characterises the inflation outlook after the July hike, whether members flag further tightening or judge that one move is sufficient, and whether any dissent is recorded within the committee’s consensus-based process. The RBNZ’s language on the labour market, house prices and the exchange rate tends to move alongside the headline decision, and any hint of a further move at the following meeting can matter as much to markets as the rate itself.
Because the Bank had held rates for an extended period before the July hike, commentators will also be alert to whether the committee describes this as the start of a new tightening phase or as a single, data-driven adjustment.
What It Means for Your Money
For people with a mortgage in New Zealand, a further OCR increase typically feeds through to floating and shorter fixed mortgage rates within weeks, raising monthly repayments, while a hold or a dovish tone can ease pressure on those due to refix. Savers with term deposits and online savings accounts tend to see slightly better rates when the OCR rises, though banks do not always pass through the full amount immediately.
The decision also moves the New Zealand dollar against the US dollar, the pound and the euro. A hike that surprises markets tends to support the currency, making imports cheaper for New Zealanders but making New Zealand exports, including dairy and tourism, relatively more expensive for overseas buyers. For UK and eurozone investors with exposure to New Zealand assets or the New Zealand dollar, this decision is a smaller but still watched input into global rate expectations, particularly as it comes late in a year when several major central banks have been navigating their own inflation paths. Pension funds and diversified investment portfolios with exposure to Australasian bonds or equities can see modest price moves around the announcement, and New Zealand share prices, especially in interest-sensitive sectors like property and retail, often react within the same trading session.
Related events

Previous decision: RBNZ Rate Decision October 2026
New Zealand inflation and employment data released ahead of this meeting will shape the committee’s assessment of whether inflation is returning to the 1% to 3% target band
Full RBNZ decision history and upcoming dates: RBNZ Rate Decision hub

Frequently Asked Questions
What time is the December 2026 RBNZ decision announced?
The decision is released at 2:00 pm New Zealand time on December 9, 2026, which is 8:00 pm ET on December 8 and 1:00 am London time on December 9.
What is New Zealand’s current Official Cash Rate?
The OCR stood at 2.50% after the RBNZ’s hike at its July 8, 2026 meeting, the most recent confirmed decision available at the time of writing.
Will the RBNZ cut or hike rates in December 2026?
A consensus forecast has not yet been published. The outcome will depend on New Zealand inflation and labour market data released in the weeks before the meeting.
When is the next RBNZ decision after December 2026?
Check the RBNZ Rate Decision hub for the confirmed date of the following meeting once the Reserve Bank publishes its updated schedule.
Where can I watch the RBNZ announcement live?
The Reserve Bank of New Zealand publishes its statement and, where applicable, streams the Governor’s press conference on its official website at the time of the decision.
← Previous RBNZ Rate Decision

Bank of Canada Rate Decision December 2026
2026-12-09 09:45 - 10:45 (America/New_York)
Next Bank of Canada Rate Decision: Wednesday, December 9, 2026 at 9:45 am ET (2:45 pm London).

Consensus
Not yet published
Prior
Held at 2.25% (last confirmed July 15, 2026; unchanged since October 2025)
Actual
Pending

Full schedule and background: Bank of Canada Rate Decision.
Updated August 25, 2026

← Previous Bank of Canada Rate Decision
The Bank of Canada’s Governing Council announces its December policy interest rate decision on December 9, 2026 at 9:45 am ET (2:45 pm London time). The rate has been held at 2.25% through every scheduled decision since October 2025, when policymakers last cut borrowing costs by 25 basis points (a basis point is one hundredth of one percentage point). This is the final rate announcement of 2026, and it is not accompanied by a quarterly Monetary Policy Report, which is instead published alongside the January, April, July and October decisions. Full schedule and background: Bank of Canada rate decisions.
What is the Bank of Canada’s Governing Council and what does it decide?
The Governing Council is the Bank of Canada’s senior decision-making body. It sets the target for the overnight rate, the interest rate at which major financial institutions lend to one another overnight, which in turn shapes the Bank’s Rate (currently 2.5%) and the deposit rate (currently 2.20%). Changes in the overnight rate feed through to the prime rates set by Canada’s big banks, which affect variable-rate mortgages, home equity lines of credit and business loans across the country.
The Council is chaired by the Governor, Tiff Macklem, and includes the Senior Deputy Governor and several Deputy Governors. Unlike the US Federal Reserve or the Bank of England, the Bank of Canada does not publish individual votes; decisions are presented as a collective judgement of the Governing Council reached by consensus rather than a recorded ballot.
The Bank’s mandate, agreed with the Government of Canada, is to keep inflation at the 2% target within a control range of 1% to 3%, while supporting maximum sustainable employment. It normally meets eight times a year, roughly every six weeks, to review this mandate against incoming economic data.
When is the December Bank of Canada decision announced?
The decision is released in a written statement at 9:45 am ET (2:45 pm London time) on December 9, 2026. Because this is not one of the four Monetary Policy Report meetings, there is no accompanying set of new growth and inflation projections and no scheduled press conference in the way there is for January, April, July and October decisions; the Bank instead publishes a shorter statement explaining its reasoning. The summary of deliberations, the closest Canadian equivalent to meeting minutes, is normally released roughly two weeks after each decision.
What to expect
According to reporting from Canadian Mortgage Trends, the Bank of Canada held its policy rate at 2.25% at every one of its scheduled decisions through July 2026, having last moved rates in October 2025 with a 25 basis point cut. Coverage from Immigration News Canada in late July 2026 noted a “growing consensus among economists that the Bank’s next move will be a hike rather than a cut”, with the overnight rate sitting at the bottom of the Bank’s estimated 2.25% to 3.25% neutral range. The September 2 and October 28, 2026 decisions fall between that reporting and this December meeting; for the most recently confirmed outcome ahead of December, see the October 2026 Bank of Canada decision page. A consensus forecast specific to the December 9, 2026 meeting has not yet been published by major polling desks this far in advance.

Meeting
Decision
Rate after meeting

October 2025
Cut, 25bp
2.25%

December 2025
Hold
2.25%

January 2026
Hold
2.25%

March 2026
Hold
2.25%

April 2026
Hold
2.25%

June 2026
Hold
2.25%

July 2026
Hold (with Monetary Policy Report)
2.25%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 2.25%
Likely read as consistent with the “prolonged hold” path described by analysts cited by nesto.ca; limited immediate reaction in the Canadian dollar or bond yields
Borrowing costs stay where they are; savers and mortgage holders see no immediate change

Hike
Would likely be read as a hawkish shift given commentary from Immigration News Canada pointing to growing hike expectations for 2027; could push the Canadian dollar higher against the US dollar and euro
Loans, mortgages and lines of credit become more expensive, but savings accounts and GICs typically pay more

Cut
Would be a surprise against current economist commentary and would likely weaken the Canadian dollar
Cheaper borrowing for mortgages and business loans, but lower returns on savings

What will the statement and press conference signal?
Because December is not a Monetary Policy Report meeting, the accompanying statement tends to be shorter, but markets will still parse it closely for forward guidance, meaning any hint about the likely direction of future decisions. Analysts will be watching for language on inflation’s path back to the 2% target, references to US trade policy and tariffs given Canada’s reliance on cross-border trade, and any signal about the neutral rate, the level at which policy is neither stimulating nor restricting the economy. With the overnight rate sitting at the low end of the Bank’s own estimated 2.25% to 3.25% neutral range, commentators will be alert to any wording suggesting the next move is more likely to be a hike than a further hold or cut. Because the Bank does not publish a recorded vote, there is no formal “dissent” to track in the way there is at the Fed or the Bank of England, though the summary of deliberations released roughly two weeks later can reveal a range of views within the Governing Council.
What It Means for Your Money
For Canadian mortgage holders, a hold means variable rates and lines of credit tied to bank prime rates stay unchanged; a hike would raise monthly payments on variable-rate and soon-to-renew mortgages, while a cut would lower them. Fixed-rate mortgages react more to bond yields than to the overnight rate itself, but the Bank’s tone can still move those yields. Savers with high-interest savings accounts or guaranteed investment certificates (GICs) would likely see slightly better returns after a hike and slightly worse ones after a cut, with banks typically adjusting these rates within days to weeks of a Bank of Canada move.
The decision also matters beyond Canada. A stronger or weaker Canadian dollar affects the cost of Canadian imports for UK and European buyers and the returns UK and eurozone investors get from Canadian assets when converted back into pounds or euros. Because the Bank of Canada, the Federal Reserve and the Bank of England are all navigating similar inflation and growth trade-offs, this decision is also watched as a read-across for how other central banks might be thinking, which can move global bond and equity markets, including pension funds and stock market index trackers held by ordinary savers in the UK and Europe.
Related events

Previous decision: Bank of Canada Rate Decision, October 2026
Full schedule: Bank of Canada rate decisions hub
Canada’s inflation and jobs data released in the weeks before this meeting typically shape the Governing Council’s final judgement

Frequently Asked Questions
What time is the Bank of Canada’s December 2026 decision announced?
The decision is released at 9:45 am ET, which is 2:45 pm in London, on December 9, 2026.
Will the Bank of Canada cut rates in December 2026?
No one can say in advance; the Bank had held its rate at 2.25% throughout 2026 up to July, and some economists cited by Immigration News Canada expected the next move to be a hike rather than a cut, but this is a possibility, not a certainty.
What is the Bank of Canada’s current policy rate?
The target for the overnight rate had been held at 2.25% since October 2025, according to the Bank of Canada’s own press releases, with the Bank Rate at 2.5% and the deposit rate at 2.20%.
When is the next Bank of Canada rate decision after December 2026?
The Bank’s 2027 schedule, published in July 2026, sets the first 2027 decision for January 27, 2027.
Where can I watch the Bank of Canada announcement?
The Bank of Canada publishes its statements directly on bankofcanada.ca, and major financial news outlets typically carry the release live at 9:45 am ET.
← Previous Bank of Canada Rate Decision
