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

FOMC Rate Decision December 2026
2026-12-09 14:00 - 15:00 (America/New_York)
Next FOMC Rate Decision: Wednesday, December 9, 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 Decision
The Federal Open Market Committee (FOMC) will announce its final interest rate decision of 2026 on Wednesday, December 9, 2026, at 2:00 p.m. EDT, following a two-day meeting on December 8-9. This is a Summary of Economic Projections (SEP) meeting, at which FOMC members will publish updated quarterly forecasts and the closely watched “dot plot” of individual rate expectations. The December meeting represents the committee’s last opportunity in 2026 to adjust the federal funds rate target, and markets will focus on both the rate decision itself and the updated economic projections for 2027 and beyond. The federal funds rate currently stands at 3.50% to 3.75%, where it has been held following three rate cuts in the second half of 2025.
The Federal Reserve and the FOMC
The Federal Open Market Committee is the monetary policy-making body of the Federal Reserve (the Fed), the central bank of the United States. The FOMC meets eight times per year in Washington DC, with each meeting lasting one or two days. The committee consists of 12 voting members: the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven Reserve Bank presidents who rotate voting rights annually.
The Fed operates under a dual mandate established by Congress: maximum employment and price stability, with price stability defined as headline PCE inflation of 2% over the longer run. When the FOMC sets the federal funds rate, it directly influences short-term borrowing costs across the entire US economy, flowing through to mortgage rates, corporate borrowing, consumer credit, and exchange rates. The December 2026 meeting is particularly significant because it concludes the committee’s work for the year and establishes the rate outlook through its updated SEP and dot plot, which will guide market expectations into 2027.
FOMC December Meeting: December 8-9, 2026
The December 2026 meeting is one of four SEP meetings in the year (alongside March, June, and September), at which FOMC members publish quarterly forecasts for GDP growth, unemployment, inflation, and the federal funds rate. The dot plot, which shows each member’s year-end rate expectation for the next three years and the longer run, is the primary tool through which the committee communicates its collective thinking on the rate path.
The March 2026 SEP, the most recent set of projections available at the time of writing, showed committee members expecting just one rate cut in 2026 and one in 2027, before the federal funds rate converges towards a longer-run neutral rate of approximately 3%. Against this backdrop, the key question for December 2026 is whether the full-year data has shifted those projections. The combination of elevated headline inflation (driven by energy prices following geopolitical tensions in the Middle East), above-trend employment growth in early 2026, and below-trend GDP growth presents a complex policy environment. The decision will be announced at 2:00 p.m. EDT on December 9, with Fed Chair Jerome Powell’s press conference beginning at 2:30 p.m. EDT.
What to Expect
The most likely outcome at the December 2026 meeting, based on the FOMC’s stated data-dependent posture and the March 2026 dot plot projections, is a hold at the current 3.50% to 3.75% range. The Fed has held rates through multiple consecutive meetings in 2026, citing elevated inflation and a resilient labour market as arguments against premature easing. However, if core PCE inflation has moderated consistently through the second half of 2026, and if GDP growth has slowed to a pace that raises concerns about economic momentum, the December SEP could reveal a shift in committee thinking towards more cuts in 2027.
Governor Miran’s dissent at the April 2026 meeting, calling for a 25-basis-point cut, represented the dovish extreme of the committee. Meanwhile, hawkish members dissenting in favour of stronger forward guidance against cuts have pushed the other end. The December meeting will reveal where this internal debate has resolved over the course of 2026. If the committee delivers a cut at any earlier meeting (June, July, September, or October), December could either follow with a second cut or revert to a hold.
Rate Decision History

Date
Decision
Rate (Upper)
Vote

Sep 2025
-25bp
4.25%
n/v

Nov 2025
-25bp
4.00%
n/v

Dec 2025
-25bp
3.75%
9-3

Jan 2026
Hold
3.75%
n/v

Mar 2026
Hold
3.75%
n/v

Apr 2026
Hold
3.75%
8-4

Jun 2026
TBD (Jun 16-17)
TBD
TBD

Jul 2026
TBD (Jul 28-29)
TBD
TBD

Sources: Federal Reserve; CNBC; J.P. Morgan. “n/v” = vote not yet verified from official sources. Upper rate refers to the upper bound of the federal funds target range. Rates shown at 3.75% upper bound reflect the hold from December 2025 onwards.
Market Impact Scenarios

Hold (base case) – Maintaining the 3.50% to 3.75% range would be interpreted as cautious, data-dependent policy continuation. Markets will focus primarily on the updated dot plot for 2027 expectations. If the dot plot shifts towards more cuts in 2027, Treasury yields would fall modestly and equities would rally. If the dot plot holds or moves hawkish, bond yields would remain elevated, and equities would face pressure heading into year-end.
Cut (25bp) – A December rate cut to 3.25%-3.50% would signal the Fed has gained enough confidence in the inflation outlook to resume easing. This outcome would be positive for equities and bonds, negative for the dollar, and would likely be accompanied by a dovish dot plot. The size of the year-end equity rally would depend on whether the cut was already priced in by December.
Hike – A rate increase from the current range would represent a dramatic policy reversal and is not the base case. A hike would be strongly negative for equities, particularly for the most rate-sensitive sectors (real estate, utilities, high-growth technology), and would strengthen the dollar while pushing bond yields higher across all maturities.

Press Conference and Forward Guidance
Fed Chair Jerome Powell’s press conference at 2:30 p.m. EDT on December 9 will be scrutinised for signals about the 2027 rate path. After the dot plot, Powell’s characterisation of inflation progress and the growth outlook will drive market reaction. Key phrases to watch include whether the Fed describes inflation as “still elevated” versus “making progress toward 2%”, and whether Powell signals that the committee sees further cuts as appropriate or that it will remain on hold for an extended period.
The December SEP will also update projections for PCE inflation, core PCE, GDP growth, and unemployment through 2028. Revisions to these projections, particularly whether the committee now sees inflation returning to 2% in 2027 or later, will shape the market’s interpretation of the dot plot and inform investment positioning into the new year. The December meeting traditionally attracts higher media and market attention than non-SEP meetings.
Related Events

FOMC Rate Decision June 2026 – The June 16-17 SEP meeting is the next FOMC rate decision after the current date, providing the first updated dot plot ahead of December.
US CPI Report June 2026 – Inflation data from June and subsequent months will be the primary determinant of whether the Fed has scope to cut in December 2026.
ECB Rate Decision June 2026 – The ECB’s June 11 decision illustrates the broader global monetary policy environment against which the Fed’s December decision will be assessed.

Frequently Asked Questions
What is the FOMC’s dual mandate?
The Federal Open Market Committee operates under a congressional mandate to pursue maximum employment and price stability. In practice, the Fed targets headline PCE inflation of 2% over the longer run and aims to maintain the unemployment rate near its longer-run neutral level, which the March 2026 SEP estimated at approximately 4.1%.
When will the FOMC December 2026 decision be announced?
The FOMC will release its policy statement at 2:00 p.m. EDT on Wednesday, December 9, 2026. Fed Chair Jerome Powell’s press conference will begin at 2:30 p.m. EDT. The Summary of Economic Projections (SEP), including the dot plot, will be released simultaneously with the policy statement.
What does the dot plot show?
The dot plot is a chart published at each SEP meeting showing each FOMC member’s expectation for the appropriate level of the federal funds rate at year-end for the next three years and in the longer run. It is anonymous and shows the distribution of views across the committee, not a binding forecast. Markets use the median dot to infer the committee’s collective rate path, but it can shift significantly between meetings as economic conditions change.

SNB Rate Decision December 2026
2026-12-10 03:30 - 04:30 (America/New_York)
Next SNB Rate Decision: Thursday, December 10, 2026 at 9:30 am CET (3:30 am ET, 8:30 am London).

Consensus
Not yet published
Prior
Held at 0% (since June 2025, most recently September 2026)
Actual
Pending

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

← Previous SNB Rate Decision
The Swiss National Bank’s Governing Board announces its final monetary policy decision of 2026 on Thursday, December 10, 2026, at 3:30am ET (9:30am CET local time in Zurich, 8:30am London time). The policy rate has stood at 0% since June 2025, following a long run of cuts from the 1.75% peak reached in 2023. Full schedule and background: SNB Rate Decision.
The SNB does not hold a scheduled interest rate press conference in the way the Federal Reserve or European Central Bank do, but its Governing Board publishes a statement and holds a news conference immediately after each assessment to explain the decision and its updated conditional inflation forecast.
What is the SNB Governing Board and what does it decide?
The Swiss National Bank is Switzerland’s independent central bank. Monetary policy is set collegially by a three-member Governing Board, which does not publish individual vote tallies, unlike the Fed or the Bank of England. The SNB’s mandate is price stability, defined as annual inflation of less than 2%, while taking account of economic developments.
Unusually among major central banks, the SNB also intervenes directly in the foreign exchange market when it judges the Swiss franc, a classic safe-haven currency, to be excessively strong. This gives its decisions an extra dimension: markets watch not only the policy rate itself but also any language on currency intervention.
The Governing Board meets for a formal monetary policy assessment four times a year, in March, June, September and December. Since September 2025 the SNB has also published a summary of the Board’s discussion four weeks after each decision, giving slightly more insight into its reasoning than in the past.
When is the December SNB decision announced?
The December assessment is announced on December 10, 2026, at 3:30am ET, 9:30am CET and 8:30am London time. The announcement includes a written statement, the SNB’s updated conditional inflation forecast (covering roughly the following three years), and a news conference with the SNB Chair. A summary of the internal Board discussion typically follows around four weeks later. There are no interest rate dot plots at the SNB, unlike the Fed; the conditional inflation forecast serves a similar signalling role.
What to expect
The SNB has held its policy rate at 0% since returning to zero in June 2025, after a run of cuts that began in March 2024. The most recent scheduled assessments before this one, in March, June and September 2026, all held the rate at 0%, according to Trading Economics and the SNB’s own decision archive. Economists have generally expected the SNB to keep rates on hold through 2026, given the SNB’s own forecasts assumed a steady 0% rate path when they were last updated. A consensus forecast for the December 2026 meeting had not been published by major polling services at the time of writing.

Meeting
Decision
Rate after meeting

December 2025
Held
0%

March 2026
Held
0%

June 2026
Held
0%

September 2026
Held (widely reported)
0%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 0%
Broadly expected outcome; muted franc reaction unless language on intervention shifts
Borrowing costs in Switzerland stay unchanged, and the SNB signals it is comfortable with current inflation and growth conditions

Cut (into negative territory)
Would be read as a defensive move against currency strength or weak inflation, likely franc-negative
The SNB judges deflation risk or franc appreciation serious enough to revisit negative rates, a step it has said carries a high bar

Guidance shift on FX intervention
Traders in USD/CHF and EUR/CHF watch closely even without a rate change
The SNB signals it will lean more heavily on buying or selling francs directly, rather than moving the policy rate, to manage currency strength

What will the statement and press conference signal?
Analysts will focus on three things: whether the SNB’s conditional inflation forecast still points to inflation staying within its 0 to 2% price stability range, whether the Board repeats language about the high bar for negative rates, and any comments on Swiss franc strength against the dollar and euro. Because the Governing Board does not publish a vote breakdown, dissent risk is not something markets can measure directly, but changes in the tone of the post-meeting news conference are scrutinised for hints of a shift.
What It Means for Your Money
For anyone with a Swiss mortgage, a hold at 0% keeps SARON-linked and fixed mortgage rates broadly where they have been, since Swiss lenders price largely off the SNB’s policy rate and bond yields. Savers in Swiss franc accounts continue to earn very little interest, a direct consequence of the zero-rate policy. For borrowers and credit card users outside Switzerland, the SNB decision matters less directly, but currency traders and companies with Swiss franc exposure, including UK and eurozone exporters who compete with Swiss goods, watch EUR/CHF and GBP/CHF for signs of franc strength or weakness. A stronger franc can make Swiss exports more expensive and support the value of Swiss pension and investment holdings when converted back into pounds or euros. UK and European investors holding Swiss equities or the SMI index should note that rate holds are typically a smaller market mover than surprise moves, but any hint of renewed negative rates would ripple through European bond and currency markets given the SNB’s role as a bellwether for very low or negative rate policy.
Related events

Previous decision: SNB Rate Decision September 2026
Full SNB schedule and past decisions: SNB Rate Decision hub
Swiss inflation data released ahead of each assessment is a key input the Governing Board weighs before deciding on the rate

Frequently Asked Questions
What time is the SNB December 2026 decision announced?
The decision is announced at 3:30am ET, 9:30am CET and 8:30am London time on December 10, 2026.
What is the current SNB policy rate?
The SNB policy rate has stood at 0% since June 2025, after a series of cuts from a peak of 1.75%.
Will the SNB cut rates into negative territory?
The SNB’s leadership has repeatedly said the bar for returning to negative rates is high, and its own conditional inflation forecasts have assumed a steady 0% rate path, though this is not a guarantee and depends on incoming inflation and franc strength data.
When is the next SNB meeting after December 2026?
The SNB holds quarterly assessments, so the next scheduled meeting falls in March 2027; check the SNB Rate Decision hub for the confirmed date once published.
Where can I watch the SNB announcement live?
The SNB publishes its statement and streams the post-decision news conference on its official website, snb.ch.
← Previous SNB Rate Decision

Riksbank Rate Decision December 2026
2026-12-16 03:30 - 04:30 (America/New_York)
Next Riksbank Rate Decision: Wednesday, December 16, 2026 at 9:30 am CET (3:30 am ET, 8:30 am London).

Consensus
A consensus forecast specific to this meeting has not yet been published; most economists expect a hold at 1.75%
Prior
Held at 1.75% (November 11, 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 final interest rate decision of 2026 on Wednesday, December 16, 2026 at 3:30 am ET (8:30 am London, 9:30 am CET). The Executive Board currently holds the policy rate at 1.75%, its level since a quarter-point cut in September 2026. The decision is published alongside the Monetary Policy Update, and Governor Erik Thedéen typically holds a press conference shortly after the release. Full schedule and background: Riksbank Rate Decision.
What is the Riksbank and what does it decide?
The Riksbank is Sweden’s central bank, one of the oldest in the world, and is responsible for setting the policy rate that governs the cost of borrowing throughout the Swedish economy. Its mandate, set by the Riksdag (Sweden’s parliament), is to maintain price stability, targeting inflation of 2% as measured by the CPIF (consumer price index with a fixed interest rate), while also supporting a balanced development of production and employment where this does not conflict with the price stability goal.
Decisions are made by the Executive Board, a six-member committee that includes the Governor and five Deputy Governors. Votes are taken on a majority basis, with the Governor holding the casting vote in the event of a tie. The Board meets to set the policy rate five times a year, publishing a full Monetary Policy Report or Update at each meeting, with the December meeting typically the last of the calendar year before the cycle restarts in early 2027.
The Riksbank’s decisions matter well beyond Sweden. As one of Europe’s inflation-targeting central banks operating outside the eurozone, its policy stance is watched by investors trading the Swedish krona and by Nordic and European fixed-income markets, and it is sometimes viewed as an early signal of how smaller advanced economies are responding to shifts in eurozone and US monetary policy.
When is the December Riksbank decision announced?
The policy rate announcement and accompanying Monetary Policy Update are published at 9:30 am CET (3:30 am ET, 8:30 am London) on December 16, 2026. The statement sets out the Executive Board’s rate decision and its updated forecast for the policy rate path, growth and inflation. A press conference with the Governor follows the release, generally within an hour, where journalists question the Board on its reasoning and the balance of risks. Minutes of the meeting, showing individual Board members’ views and any dissents, are usually published around a week after the decision, on the Riksbank’s website.
What to expect
The Riksbank has held its policy rate at 1.75% since cutting by 25 basis points in September 2026, following a series of cuts through 2025 that brought the rate down from its post-pandemic peak. At its November 2026 meeting the Board again left the rate unchanged, judging that elevated inflation had begun to ease while economic activity was gradually recovering, according to Morningstar Nordics. Economists at SEB have said they expect the policy rate to be kept unchanged through the rest of 2026, while flagging some downside risk to that view, per the same report.
For the December meeting, most analysts covering Swedish rates expect the Board to leave the policy rate unchanged at 1.75%, in line with the flat rate path it signalled in its own forecasts published earlier in the year. A change in either direction would be a shift from that guidance, so markets will focus closely on any revision to the projected rate path in the Monetary Policy Update rather than on the headline decision alone.

Meeting
Decision
Rate after meeting

September 2026
Cut 25bp
1.75%

November 2026
Held
1.75%

December 2026
Decision pending
To be confirmed

Earlier 2026 decisions, including the Board’s first meeting of the year, also left the rate unchanged at 1.75% following three cuts made across 2025, according to Sveriges Riksbank.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold at 1.75%
Expected outcome; muted krona reaction unless the rate path forecast changes
Borrowing costs in Sweden stay where they are; the Riksbank sees the current setting as appropriate for now

Cut to 1.50%
Krona likely to weaken; seen as a dovish surprise given recent guidance
The Riksbank judges inflation or growth has weakened enough to justify cheaper borrowing across the economy

Hawkish hold or hike signal
Krona likely to strengthen; Swedish bond yields could rise
The Board flags that a rate increase is more likely later in 2027 because inflation risks have grown

What will the statement and press conference signal?
Investors and economists will scrutinise the Monetary Policy Update for any change to the projected rate path, since the Riksbank has repeatedly said it expects the policy rate to remain at 1.75% “for some time to come”. Any adjustment to that language, or to the inflation and growth forecasts underpinning it, would be read as forward guidance about the direction of the next move. Analysts will also watch the vote split in the minutes for signs of dissent among the six Executive Board members, which can hint at how close the Board is to changing course, and any commentary on the krona’s exchange rate, since a weak currency can add to imported inflation.
What It Means for Your Money
For people with a mortgage in Sweden, a held rate means monthly repayments on variable-rate loans stay roughly where they are, while a cut would ease pressure on household budgets and a hike would raise it. Savers with Swedish krona deposits will see little change to savings rates if the Riksbank holds, but a cut typically feeds through to lower returns on instant-access and fixed savings accounts within weeks.
The decision also affects currency markets: a more dovish tone tends to weaken the krona against the pound, dollar and euro, making Swedish exports cheaper abroad but imports, including energy and food, more expensive at home. For people in the UK and eurozone, the Riksbank’s stance offers a read on how smaller, open European economies are managing the trade-off between inflation and growth, which can inform expectations for the Bank of England and European Central Bank even though those institutions set policy independently. Pension funds and investors holding Nordic equities or bonds may see modest price moves in Swedish assets around the announcement, particularly in rate-sensitive sectors such as banks and housebuilders.
Anyone with a variable-rate loan, a tracker mortgage, or savings held in Swedish krona should treat this decision as a signal of the general direction of borrowing costs in Sweden over the coming months, rather than something that changes their finances overnight.
Related events

Previous decision: Riksbank Rate Decision, November 2026
Full schedule and background: Riksbank Rate Decision hub
Swedish inflation (CPIF) and labour market data released in the weeks before the meeting typically shape the Board’s final decision

Frequently Asked Questions
What time is the December 2026 Riksbank decision announced?
The decision is published at 9:30 am CET on December 16, 2026, which is 3:30 am ET and 8:30 am London time.
Will the Riksbank cut rates in December 2026?
Most economists expect the Riksbank to hold the policy rate at 1.75%, according to forecasts cited by Morningstar Nordics, though a consensus figure specific to this meeting has not yet been published.
What is the Riksbank’s current policy rate?
The policy rate has stood at 1.75% since the Riksbank’s September 2026 cut, and was held at that level at the November 2026 meeting.
When is the next Riksbank meeting after December 2026?
The Riksbank’s 2027 meeting calendar is published on the Riksbank’s official calendar page, which lists the exact dates once confirmed.
Where can I watch the Riksbank press conference?
The press conference is streamed live on the Riksbank’s official website shortly after the rate decision is published.
← Previous Riksbank Rate Decision

Norges Bank Rate Decision December 2026
2026-12-17 04:00 - 05:00 (America/New_York)
Next Norges Bank Rate Decision: Thursday, December 17, 2026 at 10:00 am CET (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 September 2, 2026

← Previous Norges Bank Rate Decision
The Norges Bank Monetary Policy and Financial Stability Committee announces its next interest rate decision on December 17, 2026, at 10:00 am CET (4:00 am ET, 9:00 am London time). The committee’s current policy rate stands at 4.25%, following meetings earlier in 2026. Full schedule and background: Norges Bank rate decision dates.
What is the Monetary Policy and Financial Stability Committee and what does it decide?
Norges Bank, Norway’s central bank, sets the policy rate through its Monetary Policy and Financial Stability Committee. The committee’s mandate is to keep inflation close to a target of 2% over time, while also taking into account employment and financial stability. It is chaired by Governor Ida Wolden Bache.
The committee typically holds eight scheduled rate meetings a year. Four of these are accompanied by a full Monetary Policy Report, which sets out new economic forecasts and a projected policy rate path; the other four are interim meetings without fresh forecasts, though the rate itself can still change.
Unlike the US Federal Reserve or the Bank of England, Norges Bank does not publish individual voting records for every decision, but any dissent within the committee is usually noted in the minutes released alongside the decision.
Norway is not a member of the European Union or the eurozone, so its monetary policy runs independently of the European Central Bank, though the two are watched closely together given Norway’s deep trade and financial ties with the rest of Europe. The policy rate is the main tool the committee uses to influence short-term borrowing costs across the Norwegian economy, from mortgages and business loans to bank deposit rates.
When is the December Norges Bank decision announced?
The December 2026 decision is due on Thursday, December 17, 2026, at 10:00 am local time in Oslo (CET), which is 4:00 am ET and 9:00 am London time. The announcement comes with the policy rate statement and is typically followed by a press conference with Governor Wolden Bache. December is one of the four meetings in the annual cycle that includes a full Monetary Policy Report, so updated growth, inflation and rate-path projections are expected alongside the decision.
What to expect
Norges Bank held its policy rate at 4.25% at its most recent confirmed meeting on August 12, 2026, having raised it from 4% to 4.25% at the May 6, 2026 meeting. Before that, the rate had been held at 4% at both the January and March 2026 meetings, after a period of cuts in 2025. A consensus forecast for the December decision has not yet been published; markets will likely firm up expectations closer to the meeting date based on Norwegian inflation and labour market data released in the weeks before.
Because the August meeting did not carry fresh economic forecasts, the committee’s most recent full projection came earlier in the year. The December meeting is one of the four “full report” meetings in the annual cycle, meaning traders and economists will be comparing the new rate-path projection against the one published in the previous Monetary Policy Report to gauge whether the committee has become more or less inclined to move rates in the coming year.

Meeting
Decision
Rate after meeting

January 21, 2026
Held
4.00%

March 25, 2026
Held
4.00%

May 6, 2026
Raised 25bp
4.25%

June 17, 2026
Held
4.25%

August 12, 2026
Held
4.25%

Source: Norges Bank policy rate decisions. Rows for meetings after August 2026 are omitted here where the outcome could not be independently verified against Norges Bank’s own published record at the time of writing.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Neutral to mildly krone-supportive if guidance stays firm, as is typical when a central bank signals patience
Borrowing costs in Norway stay where they are; no immediate change for mortgage holders or savers

Cut
Generally weakens the krone and is read as a dovish signal that growth or inflation risks have eased
Cheaper loans in Norway over time, but lower returns on Norwegian savings accounts

Hike
Tends to support the krone and signals lingering concern about inflation pressure
More expensive borrowing for Norwegian households and businesses, but better rates for savers

What will the statement and press conference signal?
Because the December meeting includes a full Monetary Policy Report, analysts will focus closely on the updated rate-path projection, which shows the committee’s own expectation for where rates are heading over the next few years. Any shift in this projected path, even without an immediate rate change, can move Norwegian bond yields and the krone. Watch also for language on wage growth, oil-linked investment, housing prices and the effect of the exchange rate on imported inflation, all of which weigh on Norges Bank’s thinking.
Dissent within the committee is rare but not unheard of, and any split vote noted in the minutes tends to draw attention as a signal that future decisions could go either way.
Norges Bank also pays close attention to developments abroad, particularly decisions by the European Central Bank and the US Federal Reserve, because Norway is a small, open economy heavily exposed to global oil prices and international trade. A widening or narrowing gap between Norwegian and eurozone interest rates can influence capital flows and the krone independently of what is happening domestically. Analysts and journalists covering the press conference will also listen for any comment on house prices, which have been a recurring theme in recent Monetary Policy Reports given household debt levels in Norway are high by international standards.
What It Means for Your Money
For people with a mortgage in Norway, a change in the policy rate feeds through quickly because most Norwegian mortgages track short-term rates closely; a hold means no immediate change, a cut would lower monthly payments over time, and a hike would raise them. Norwegian savings accounts, which also tend to move with the policy rate, would offer better returns after a hike and worse ones after a cut.
Outside Norway, the decision matters mainly through the krone. A weaker krone makes Norwegian exports, including salmon and industrial goods, cheaper for foreign buyers, and makes imports into Norway more expensive, which can feed back into Norwegian inflation. For UK and eurozone investors holding Norwegian assets or funds with krone exposure, currency swings around the decision can affect returns even if the underlying investment doesn’t change. The decision is not a direct driver of US Federal Reserve, Bank of England or European Central Bank policy, but it forms part of the broader global picture that pension funds and multi-asset investors watch when assessing interest rate trends across developed economies.
Related events

Previous decision: Norges Bank Rate Decision, November 2026
Norwegian consumer price inflation data released in the weeks before the meeting typically shapes market expectations
Norwegian labour market and wage growth figures published ahead of the meeting are closely watched by the committee

Frequently Asked Questions
What time is the Norges Bank decision announced?
The December 2026 decision is announced at 10:00 am CET, which is 4:00 am ET and 9:00 am London time.
What is Norway’s current policy rate?
The policy rate stood at 4.25% after being held at the August 12, 2026 meeting, following a rise from 4% at the May 2026 meeting.
Will Norges Bank cut rates in December?
No consensus forecast has yet been published for the December meeting; economists’ expectations typically firm up closer to the date based on inflation and labour market data.
When is the next Norges Bank meeting after December?
Norges Bank typically holds around eight rate meetings a year; check the Norges Bank rate decision schedule for the confirmed date of the following meeting.
Where can I watch the announcement?
Norges Bank publishes the decision and any press conference livestream on its own website, norges-bank.no.
← Previous Norges Bank Rate Decision

Bank of England MPC Rate Decision December 2026
2026-12-17 07:00 - 08:00 (America/New_York)
Next Bank of England MPC Rate Decision: Thursday, December 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 Decision
The Bank of England’s Monetary Policy Committee (MPC) will announce its final interest rate decision of 2026 on Thursday, December 17, 2026, at 12:00 GMT. The MPC will simultaneously publish its monetary policy summary and minutes, providing a detailed explanation of the decision and the votes cast by each of the nine committee members. The Bank Rate currently stands at 3.75%, following three 25-basis-point cuts in 2025 (May, August, and December) and a series of holds in 2026 amid elevated inflation driven by energy price pressures. Forecasts from major institutions suggest 1-2 further cuts are expected in 2026, potentially taking the Bank Rate to 3.00%-3.25% by year-end.
The Bank of England and the MPC
The Bank of England (the BoE) is the central bank of the United Kingdom. Its Monetary Policy Committee was established under the Bank of England Act 1998, which granted the BoE operational independence over monetary policy. The MPC consists of nine members: the Governor, three Deputy Governors, the Chief Economist, and four external members appointed by the Chancellor of the Exchequer. Decisions are made by simple majority vote, with the Governor having a casting vote in the event of a tie. Each member’s vote is published alongside the decision, making the BoE’s internal policy debate more transparent than most other major central banks.
The MPC meets eight times per year, with four of those meetings producing a Monetary Policy Report (MPR), which includes updated staff forecasts for inflation, GDP, and unemployment in addition to the rate decision: February, May, August, and November. December is not an MPR meeting, meaning the December 17 decision will not be accompanied by new forecasts. The MPC’s primary target is CPI inflation at 2%, set by the UK government, with the MPC required to write an open letter to the Chancellor explaining any deviation above 3% or below 1%.
MPC December Meeting: December 17, 2026
The December 17 meeting is the MPC’s final decision of 2026. By this point, the committee will have data through November 2026 for UK CPI, GDP, wage growth, and employment, as well as the November MPR forecasts published in November. The December decision will effectively confirm whether the BoE has delivered the expected 1-2 cuts for 2026 within the year, or whether any easing has been pushed into 2027.
The MPC’s recent voting record has reflected significant internal divisions. In February 2026, the committee voted 5-4 to hold (with four members preferring a cut to 3.50%), then unanimously held in March, then voted 8-1 in April (with one member preferring a hike to 4.00%). This spread of views reflects genuine uncertainty about whether the UK’s current Bank Rate of 3.75% is too restrictive (risking unnecessary economic weakness) or not restrictive enough (risking persistent inflation). By December 2026, many of these uncertainties should have resolved based on the actual data flow. The decision will be announced at 12:00 GMT on December 17.
What to Expect
Market forecasters broadly expect the Bank of England to deliver 1-2 rate cuts in 2026, with a potential year-end Bank Rate of 3.25%-3.00%. Whether December 2026 is one of those cut meetings depends on how UK inflation and growth have evolved through the year. Key factors include: the trajectory of UK CPI, which has been influenced by the same Middle East energy price shock affecting global inflation; UK wage growth, which has been running above the BoE’s comfort zone; and UK GDP growth, which has been subdued relative to the post-pandemic recovery.
The BoE’s task is complicated by the UK’s openness to energy price shocks and the fact that UK inflation tends to be stickier in services sectors, where wage growth is a dominant input cost. The Bank of England MPC Rate Decision June 2026 (June 18) is the most recent decision available at the time of writing, and subsequent MPC meetings (July 30, September 17, November 5) will collectively determine how close the BoE is to cutting by December.
Rate Decision History

Date
Decision
Bank Rate
Vote

May 2025
-25bp
4.25%
n/v

Aug 2025
-25bp
4.00%
n/v

Dec 2025
-25bp
3.75%
n/v

Feb 2026
Hold
3.75%
5-4

Mar 2026
Hold
3.75%
9-0

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

Jun 2026
TBD (Jun 18)
TBD
TBD

Dec 2026
TBD (Dec 17)
TBD
TBD

Sources: Bank of England; Cambridge Currencies. “n/v” = vote not yet verified. 3 cuts of 25bp each in 2025 from 4.50% to 3.75%. Feb 2026 vote: 5 hold, 4 cut. Apr 2026 vote: 8 hold, 1 hike.
Market Impact Scenarios

Cut (25bp) – A December cut to 3.50%, if not already priced, would boost gilts (UK government bonds), weaken sterling modestly, and support rate-sensitive sectors in UK equities. It would confirm that the BoE has delivered at least one cut in 2026 and signal confidence that inflation has returned sufficiently close to the 2% target.
Hold – A hold at 3.75% for December would represent a full year without a rate change in 2026, pushing the first cut expectation into 2027. Sterling might strengthen modestly on the hawkish signal. UK equities in growth and consumer sectors could underperform as rate-sensitive valuations remain compressed. Gilts would come under modest pressure.
Hike – A hike, favoured by one dissenting member in April 2026, would be a significant surprise. It would suggest UK inflation has re-accelerated enough to warrant tightening rather than easing. Sterling would strengthen sharply, gilt yields would rise, and equities would sell off.

Press Conference and Forward Guidance
The December 17 decision will be accompanied by the release of the MPC minutes, which set out each member’s reasoning and the committee’s overall assessment of the UK economic outlook. Because December is not an MPR meeting, there is no press conference in the traditional sense; instead, the Governor and Chief Economist may give speeches or media interviews in the days following the decision to provide additional context. Markets will focus on the vote breakdown and the language in the minutes regarding the committee’s forward guidance on the pace and extent of future rate changes.
For 2027 rate expectations, December 2026 minutes language around whether the BoE sees “a gradual approach to removing policy restriction” (as used in earlier communications) will be central. Any change in that framing, either towards more rapid easing or more prolonged caution, would be a significant market signal for gilt and sterling positioning heading into the new year.
Related Events

Bank of England MPC Rate Decision June 2026 – The most recent BoE decision available at time of writing; sets the current rate policy context.
FOMC Rate Decision June 2026 – The US Fed’s June decision shapes the transatlantic rate differential that influences sterling and gilt market dynamics.
ECB Rate Decision June 2026 – The ECB’s June 11 decision reflects the broader European monetary policy context that informs BoE thinking on imported inflation and trade conditions.

Frequently Asked Questions
What is the Bank Rate and how does it affect UK consumers?
The Bank Rate is the interest rate the Bank of England pays on commercial banks’ reserves held at the BoE. It serves as the benchmark for UK money market rates and directly influences mortgage rates, savings rates, and borrowing costs. A Bank Rate cut reduces borrowing costs for households and businesses, supporting economic activity. A hike raises borrowing costs, cooling spending and investment. The 3.75% Bank Rate translates into variable mortgage rates typically 1-2 percentage points above it, depending on the lender’s spread.
When will the Bank of England December 2026 decision be announced?
The MPC will publish its monetary policy decision at 12:00 GMT on Thursday, December 17, 2026. The full monetary policy summary and voting minutes will be released simultaneously. December is not a Monetary Policy Report (MPR) meeting, so no new staff economic forecasts will be published alongside the decision.
How does the MPC’s transparent voting record affect markets?
Unlike many central banks, the Bank of England publishes each MPC member’s vote immediately with the decision. This transparency means markets can track shifts in individual members’ views between meetings, providing signals of future policy direction. A shift from, say, a 5-4 hold to a 7-2 hold signals that fewer members are advocating for a cut, which is hawkish. The vote breakdown is often as market-moving as the headline decision itself.

ECB Rate Decision December 2026
2026-12-17 07:45 - 08:45 (America/New_York)
Next ECB Rate Decision: Thursday, December 17, 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 Decision
The European Central Bank (ECB) Governing Council will announce its final monetary policy decision of 2026 on Thursday, December 17, 2026, at 13:45 CET. ECB President Christine Lagarde’s press conference will follow at 14:30 CET. December is a quarterly projection meeting, meaning updated Staff Macroeconomic Projections for the eurozone, covering inflation, GDP, and unemployment through 2028, will be released alongside the rate decision. This makes December one of the most significant ECB meetings of the year, equivalent to the Federal Reserve’s December SEP meeting. The deposit facility rate currently stands at 2.00%, with the June 2026 meeting widely expected to have delivered a hike to 2.25% in response to energy-driven inflation. The December meeting will close out the 2026 policy cycle and set the ECB’s forward guidance for 2027.
The European Central Bank and Its Mandate
The European Central Bank (the ECB) is the monetary authority for the 20-nation euro area, with a primary mandate of price stability defined as headline HICP (Harmonised Index of Consumer Prices) inflation close to but below 2% over the medium term. The Governing Council, comprising the six Executive Board members and 20 national central bank governors, meets approximately every six weeks in Frankfurt. The deposit facility rate, currently 2.00%, is the ECB’s primary operational policy rate, influencing overnight interbank lending rates and, by extension, borrowing costs across the eurozone.
December is one of four quarterly projection meetings alongside March, June, and September. At these meetings, the ECB’s economics staff publish new macroeconomic projections covering the next three years, providing markets with the ECB’s formal view on the inflation and growth trajectory. The December projections are particularly important because they establish the starting point for 2027 policy expectations. Any significant revision to the inflation forecast, whether up or down, will drive re-pricing across eurozone bond markets, equities, and the euro exchange rate.
ECB December Meeting: December 17, 2026
The December 17 Governing Council meeting arrives after a full year of data following the ECB’s pivot from cutting to potentially tightening in mid-2026. If the ECB hiked to 2.25% in June and potentially further at subsequent meetings, December will determine whether the tightening cycle has reached its terminal rate or whether further adjustments are needed. If inflation has returned convincingly towards 2% by year-end, December could mark the beginning of a new easing cycle with either a hold and dovish language or an outright cut.
The ECB’s June 2026 projection revision to 2.6% average HICP inflation for 2026 set a hawkish tone for the year. If the December staff projections show 2027 inflation converging to 2.0%-2.1%, the ECB will likely signal an end to tightening and a return to neutral. If the projections show persistent above-target inflation into 2027, the ECB may maintain a tighter bias. The decision and projections will be announced simultaneously at 13:45 CET, with President Lagarde’s press conference at 14:30 CET. Note that December 17, 2026 is also the Bank of England’s final MPC decision day of the year.
What to Expect
By December 2026, the ECB’s policy trajectory will have been shaped by six earlier meetings in the year (June, July, September, October, plus whatever preceded the end of the cycle). The most likely December scenario, assuming a June hike was delivered, involves either a second hike or a hold with neutral forward guidance. If the full summer and autumn data flow has demonstrated that the energy price shock was temporary and core inflation remained well-anchored, a December return to a neutral or easing bias is possible, particularly if the Staff Projections show 2027 inflation at or below 2%.
ECB communication from President Lagarde and Governing Council members during the October-December period will give markets strong advance signals. The ECB Rate Decision June 2026 and subsequent September and October Governing Council decisions will collectively set the trajectory that December confirms or adjusts.
Rate Decision History

Date
Decision
Deposit Rate
Notes

Mar 2026
Hold
2.00%
Inflation forecast 2.6%

Apr 2026
Hold
2.00%
Stagflation risk cited

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

Jul 2026
TBD
TBD
Non-projection meeting

Sep 2026
TBD (projections)
TBD
Quarterly projections

Oct 2026
TBD
TBD
Non-projection meeting

Dec 2026
TBD (Dec 17, projections)
TBD
This meeting; year-end SEP

Sources: European Central Bank; CNBC; Central Banking. Market probability data from ECB-Watch (early June 2026). Deposit rate is the ECB deposit facility rate.
Market Impact Scenarios

Hold with dovish projections – A hold at the year-end rate level, accompanied by staff projections showing 2027 inflation at 2.0% and a dovish Lagarde press conference, would signal the end of the tightening cycle. The euro would weaken modestly, eurozone bonds would rally, and equities would receive a tailwind from reduced borrowing cost expectations heading into 2027.
Cut (25bp) – A year-end rate cut would signal the ECB is confident the energy-driven inflation shock has passed. This would be strongly positive for eurozone equities and bonds, and would weaken the euro against the dollar and pound.
Hold with hawkish projections – If staff projections show inflation remaining above 2% through 2027, a hold with hawkish language would push eurozone bond yields higher, strengthen the euro, and pressure rate-sensitive equities. Markets would reprice the 2027 terminal rate higher.

Press Conference and Forward Guidance
The December press conference at 14:30 CET is among the ECB’s most widely followed of the year. In addition to the rate decision and staff projections, Lagarde will provide the Governing Council’s assessment of the eurozone’s economic trajectory heading into 2027. The press conference will be parsed for any changes to the ECB’s characterisation of inflation risks as “balanced” versus “tilted to the upside”, and for any guidance on the pace and extent of future rate adjustments.
Alongside the projections, the December meeting often produces revised long-run neutral rate estimates for the euro area, which carry significant implications for how deep any future cutting cycle might go. The ECB’s 2026 full-year record on inflation outcomes will be central to how credibly Lagarde can claim that the 2% target is within reach on a sustained basis, and the market response to the press conference will reflect that credibility assessment.
Related Events

ECB Rate Decision June 2026 – The June 11 projection meeting is the closest preceding comparable ECB decision including staff forecasts.
FOMC Rate Decision June 2026 – The US Fed’s year-end December 9 meeting (two meetings ahead in December 2026) provides the global central bank context surrounding the ECB’s December 17 decision.
Bank of England MPC Rate Decision June 2026 – December 17 is also the BoE’s final 2026 MPC meeting, creating an unusual confluence of G3 central bank decisions on the same day.

Frequently Asked Questions
Why is December particularly significant for the ECB?
December is one of four quarterly projection meetings (alongside March, June, and September) at which the ECB publishes updated Staff Macroeconomic Projections covering inflation, GDP, and unemployment for the next three years. It is the final opportunity in 2026 for the ECB to adjust its projections and policy stance before the new year, and markets use the December projections as the primary forward-guidance input for positioning in eurozone assets through the following year.
When will the ECB December 2026 decision be announced?
The Governing Council will publish its monetary policy decision at 13:45 CET on Thursday, December 17, 2026. The updated Staff Macroeconomic Projections will be released simultaneously. President Lagarde’s press conference will begin at 14:30 CET (7:45 a.m. EDT).
What is the ECB Transmission Protection Instrument?
The Transmission Protection Instrument (TPI) is an ECB tool, introduced in July 2022, designed to prevent unwarranted or disorderly widening of sovereign bond spreads within the euro area that could impair the transmission of monetary policy. In practice, it allows the ECB to buy the government bonds of member states facing unwarranted spread widening, without pre-set limits. During periods of ECB tightening, the TPI provides a backstop against fragmentation, where peripheral economies (such as Italy or Spain) might face disproportionately higher borrowing costs relative to Germany. Its activation remains conditional on recipient countries complying with EU fiscal rules.

Bank of Japan Rate Decision December 2026
2026-12-18 00:00 - 23:59 UTC
Next Bank of Japan Rate Decision: Friday, December 18, 2026 at 12:00 pm JST (10:00 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 Decision
The Bank of Japan (BoJ) will announce its final 2026 monetary policy decision on Friday, 18 December 2026. The Policy Board meets over two days (17-18 December), with “The Bank’s View” statement released on 18 December. December 2026 is a non-Quarterly Outlook Report meeting but is historically significant as the last decision of the year, often setting the tone for monetary policy heading into 2027. As of June 2026, the BoJ is in a gradual tightening cycle, with the policy rate at 0.75%, moving toward a previously indicated target of around 1.0%.
Bank of Japan Monetary Policy Decision: December 18, 2026
December’s meeting is the eighth and final scheduled monetary policy meeting of 2026. It comes after the October Quarterly Outlook Report, which will have provided the most recent comprehensive update on the BoJ’s economic and inflation forecasts. By December, the Policy Board will have assessed the full body of data from throughout 2026: the outcomes of previous rate decisions, the trajectory of core CPI, wage dynamics, growth indicators, and global conditions.
December 2025 was itself a significant meeting, delivering the hike from 0.50% to 0.75% that initiated the current phase of normalisation. A year on, markets will be watching whether the BoJ delivers another December hike, consolidates a rate already raised to 1.0% at an earlier meeting, or signals a pause heading into 2027.
What to Expect
The December meeting will be shaped by the full year’s accumulated data. By December 2026, the BoJ will have the benefit of Japan’s GDP data through the third quarter, CPI readings through October or November, and a comprehensive view of whether the wage-price cycle established in 2026 has been self-sustaining. The Bank has repeatedly cited the importance of wage growth flowing through to services inflation as the key condition for sustainable 2% inflation.
If the BoJ has progressed to 1.0% by the October meeting or earlier, December’s question will be whether to hold at 1.0% or to signal further normalisation. The Bank’s April 2026 Outlook Report mentioned 1.0% as a direction of travel but did not provide an explicit endpoint for the tightening cycle. By December, the Board may provide clearer guidance on the terminal rate and the pace of any further hikes in 2027.
Global conditions heading into year-end will also factor in. The FOMC will announce its December 2026 decision on 9 December, nine days before the BoJ meeting, providing the most recent read on US policy. Year-end liquidity conditions, yen-dollar dynamics, and any global growth developments from the fourth quarter will inform the BoJ’s final 2026 decision.
The December meeting is also important for its symbolic function as the annual closing statement. The Governor’s press conference will be watched for any indication of the policy path in 2027, including how the Board views the balance of risks between further tightening and the potential economic drag from previous hikes.
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 with forward guidance on 2027 – A hold in December, following any hikes delivered earlier in the year, would be taken as confirmation that the BoJ has reached a temporary peak and is assessing the impact of previous tightening. The Governor’s language about 2027 policy would be the key market driver. Any suggestion that the tightening cycle is not complete, and that further hikes are expected in 2027, would support yen strength and JGB yield increases.
Hike 25bp (if still at 0.75% or 1.00%) – A year-end hike, following the precedent of the December 2025 move, would be significant and would confirm the BoJ’s commitment to continued normalisation. The yen would strengthen, the Nikkei 225 would fall, and JGB yields would rise. The global carry trade implications would be significant given year-end liquidity conditions and the potential for outsized market moves.
Hold with dovish signals – If economic data through Q3 and Q4 2026 suggests that prior hikes are dampening growth more than expected, the Board may hold in December and soften its forward guidance. This would be taken as a signal that the tightening cycle may be complete or near completion. The yen could weaken, Japanese equities could rally, and JGB yields could ease on the expectation of a prolonged pause or eventual reversal.

Statement and Press Conference
December is a non-Quarterly Outlook Report meeting, so the statement will be shorter than the full publication produced in October. However, the Governor’s press conference takes on added significance as the year-end communications opportunity, and journalists will press for clarity on the rate path in 2027. The Bank’s language about the pace of future normalisation, the conditions it would need to see for further hikes, and any updated assessment of Japan’s economic resilience will be closely parsed.
Any language indicating that the BoJ’s real policy rate remains significantly below the neutral rate would signal continued intent to tighten. Any language suggesting that current rates are already providing meaningful restraint, or that global conditions warrant caution, would signal a more patient approach in 2027.
Related Events

FOMC Rate Decision December 2026 – The Federal Reserve’s December 9 decision, nine days before the BoJ, providing the most recent signal on US monetary policy and the US-Japan rate differential heading into year-end.
Bank of England MPC Rate Decision December 2026 – The BoE’s December 17 decision, the day before the BoJ, providing global context ahead of the final BoJ meeting of 2026.
Bank of Japan Rate Decision October 2026 – The preceding Quarterly Outlook Report decision on 30 October, likely to set the context and direction for December.

Frequently Asked Questions
What has the Bank of Japan’s tightening cycle looked like since 2024?
The BoJ began unwinding decades of ultra-loose monetary policy in March 2024 when it ended its negative interest rate policy. Subsequent hikes brought the uncollateralized overnight call rate to 0.25% in July 2024 and 0.50% in January 2025. After multiple holds in 2025, the Bank hiked again in December 2025, bringing the rate to 0.75%. In 2026, the Bank has been assessing conditions for a further move toward 1.0%, with three consecutive holds in the face of geopolitical uncertainty and elevated dissent within the Policy Board.
When will the December 2026 BoJ decision be announced?
The decision will be released on Friday, 18 December 2026, following the two-day meeting on 17-18 December. The announcement typically occurs around midday JST (3:00-4:00 am GMT), with the Governor’s press conference in the afternoon.
What is the neutral rate for Japan and how close is the BoJ to it?
The BoJ has not published an explicit estimate of Japan’s neutral interest rate, but Deputy Governor statements have suggested it is “significantly higher” than the current policy rate. Academic and market estimates place Japan’s neutral rate in a range of roughly 1.0-2.5%, depending on assumptions about long-run real growth and inflation. At 0.75-1.0%, the BoJ’s policy rate is still below most estimates of neutral, implying that further hikes are likely before policy is considered truly neutral. This provides the theoretical case for continued normalisation in 2027 and beyond.
Featured image: Photo by Clement Souchet on Unsplash.

PBoC Loan Prime Rate December 2026
2026-12-20 20:00 - 21:00 (America/New_York)
Next PBoC Loan Prime Rate: Monday, December 21, 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 May 20, 2025
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 December 2026 on Monday, December 21, 2026, at 9:00 am China Standard Time (CST), which is 8:00 pm ET the previous day and 1:00 am London time. The rate is published by the National Interbank Funding Center (NIFC) under authorisation from the PBoC. It has held at 3.0% for the one-year LPR and 3.5% for the five-year LPR for most of 2026. 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. It oversees monetary policy, financial regulation and currency issuance for the world’s second-largest economy. Unlike the US Federal Reserve or the Bank of England, the PBoC does not hold scheduled policy meetings with a rate-setting committee that votes in public. Instead, it steers borrowing costs through a mix of tools, including the Medium-term Lending Facility (MLF), reverse repo operations and guidance to the 18 commercial banks that submit LPR quotations each month.
The Loan Prime Rate is calculated as a weighted average of lending rates quoted by these banks, based on what they bid for PBoC liquidity in open market operations. There are two tenors: the one-year LPR, which benchmarks most corporate and household loans, and the over-five-year LPR, which serves as the reference for mortgage pricing across China.
The rate is published monthly, on the 20th of each month (or the next business day if the 20th falls on a weekend or holiday). This makes the LPR one of the most closely watched monthly data points for anyone tracking China’s property market, credit conditions or the yuan.
When is the December PBoC decision announced?
The December 2026 LPR fixing is due on Monday, December 21, 2026, at 9:00 am CST (8:00 pm ET the prior day, 1:00 am in London). The PBoC does not hold a press conference alongside the LPR announcement and does not publish minutes or a dot plot in the way the Fed or Bank of England do. The figure is released as a short statement on the PBoC’s official website, giving the one-year and five-year rates with immediate effect until the next fixing.
What to expect
China has held both the one-year and five-year LPR unchanged since the last cut on May 20, 2025, when the one-year rate was lowered to 3.0% and the five-year rate to 3.5%. Economists surveyed by Reuters have generally expected the PBoC to hold rates steady through most of 2026, according to reporting from CNBC, as policymakers weigh resilient growth data against a weak property sector and mounting external risks. Some analysts have flagged the possibility of a surprise cut given soft industrial output, retail sales and record contractions in new bank lending, according to InvestingLive, though this remains a minority view rather than a base case.

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

May 2025
Cut 10bp
3.0% / 3.5%

August 2025
Hold
3.0% / 3.5%

September 2025
Hold
3.0% / 3.5%

October 2025
Hold
3.0% / 3.5%

December 2025
Hold
3.0% / 3.5%

April 2026
Hold
3.0% / 3.5%

August 2026
Hold
3.0% / 3.5%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Widely expected given a string of holds through 2026, according to Trading Economics data
No change to mortgage or business loan benchmarks in China; markets treat this as the status quo continuing

Cut
Would be read as a fresh easing signal amid weak property and lending data
Cheaper mortgages and business loans in China, likely weaker yuan, and a possible lift for Chinese equities and regional risk sentiment

Guidance shift
Any accompanying commentary on the property sector or credit growth is watched closely by analysts
Signals whether Beijing plans further stimulus in early 2027, which matters for anyone exposed to Chinese growth through trade, commodities or emerging market funds

What will the statement and press conference signal?
Because there is no press conference, markets rely on the bare numbers plus any surrounding PBoC commentary from its quarterly Monetary Policy Report or public remarks by officials. Analysts watch for whether the central bank references property prices, new yuan loan growth or export demand tied to AI-related manufacturing, all factors that have shaped recent decisions. A move in either tenor without the other (for example, a five-year cut alone) would be read as a targeted attempt to support mortgages and the housing market without loosening broader credit conditions.
What It Means for Your Money
For homeowners and buyers in China, the five-year LPR directly feeds into mortgage pricing, so a hold means no immediate change to monthly repayments, while a cut would lower borrowing costs for new and some existing mortgages. For businesses borrowing in yuan, the one-year LPR affects the cost of working capital loans.
Outside China, the decision matters mainly through currency and trade channels. A steady or lower LPR alongside weak Chinese demand can weigh on the yuan, which in turn affects the pound, euro and dollar through China’s role in global trade and commodity demand. Investors in UK and eurozone funds with exposure to Chinese equities, luxury goods, mining or automotive stocks often see share prices move on LPR day. Pension funds and multi-asset portfolios with emerging market allocations can feel a similar effect. There is no direct link to UK or eurozone savings rates or mortgage pricing, but persistent weakness in Chinese growth can filter through to global bond yields and, over time, borrowing costs elsewhere.
Related events

Previous decision: PBoC Loan Prime Rate, November 2026
Full PBoC LPR schedule and history: PBoC Loan Prime Rate
China’s official LPR announcements are published on the People’s Bank of China website

Frequently Asked Questions
What time is the December 2026 PBoC LPR announced?
The rate is published at 9:00 am China Standard Time on December 21, 2026, which is 8:00 pm ET the previous day and 1:00 am in London.
What is the current PBoC Loan Prime Rate?
As of the most recent fixings in 2026, the one-year LPR stood at 3.0% and the over-five-year LPR at 3.5%, unchanged since May 2025.
Will the PBoC cut rates in December 2026?
A consensus forecast for this specific fixing has not yet been published. Economists surveyed by Reuters ahead of prior 2026 meetings generally expected holds, though some analysts have flagged the possibility of a surprise cut given weak lending and property data.
When is the next PBoC LPR decision?
The PBoC publishes the LPR on the 20th of each month, or the next business day if that date falls on a weekend or holiday, so the next fixing follows in January 2027.
Where can I watch the official announcement?
The PBoC publishes the LPR directly on its official website rather than through a televised press conference.
← Previous PBoC Loan Prime Rate

FOMC Minutes December 2026
2026-12-30 14:00 - 15:00 (America/New_York)
Next FOMC Minutes: Wednesday, December 30, 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
Not independently verified for this release
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 December 2026 meeting on December 30, 2026 at 2:00 pm ET (7:00 pm London). The minutes are a detailed account of the discussion that took place at the meeting, released three weeks after the decision itself, and they give investors a fuller picture of the debate behind the Federal Reserve’s policy stance than the short statement issued on the day. Full schedule and background: FOMC Minutes.
What is the FOMC and what does it decide?
The FOMC is the Federal Reserve’s monetary policy committee. It sets the federal funds rate, the interest rate at which banks lend to each other overnight, which in turn influences borrowing costs across the US economy, from mortgages to credit cards to business loans. The Committee’s mandate, set by Congress, is to pursue maximum employment and stable prices, generally interpreted as inflation of around 2% over time.
The FOMC is made up of the seven members of the Federal Reserve Board of Governors and five of the twelve regional Federal Reserve Bank presidents, with the president of the Federal Reserve Bank of New York holding a permanent vote. The other reserve bank presidents vote on a rotating basis. The Committee meets eight times a year, roughly every six to seven weeks, to review economic data and decide whether to change, hold or continue adjusting interest rates.
Because the US dollar underpins global trade and borrowing, decisions made in this room in Washington ripple outward. Changes in the federal funds rate affect the cost of dollar funding for companies and governments worldwide, and they shape how central banks in London, Frankfurt and Tokyo think about their own policy paths.
When are the December 2026 FOMC minutes released?
The minutes are published on December 30, 2026 at 2:00 pm ET (7:00 pm London). The Federal Reserve has not yet formally confirmed this date at the time of writing, because minutes are typically released three weeks after the corresponding policy meeting, so the exact date can shift slightly depending on the Fed’s calendar. The underlying meeting itself would have taken place in mid-December 2026, with the rate decision and press conference announced on the final day, following the pattern the Fed uses at every meeting with updated economic projections.
Unlike the statement released immediately after a meeting, the minutes run to several thousand words and cover the Committee’s assessment of growth, the labour market, inflation, financial conditions and the risks around its outlook, along with the range of views expressed by participants on the appropriate path for interest rates.
What to expect
Because the federal funds rate for late 2026 depends on decisions the Committee has not yet made, and because no verified consensus forecast for the December 2026 minutes was found in official Federal Reserve sourcing, a consensus forecast has not yet been published for this specific release. Market participants typically use tools such as the CME FedWatch tool, which tracks futures pricing to estimate the probability of a rate change, and surveys such as the Reuters poll of economists, to gauge expectations ahead of both the meeting and the minutes.
The minutes themselves do not contain a new decision. Instead, traders and analysts read them for clues on how divided the Committee was, how policymakers characterised inflation and labour market risks, and whether any officials argued for a different pace of rate changes than the one chosen. This detail can move bond yields and the dollar even though no new rate decision is being made.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Minutes show broad consensus for the December decision
Muted reaction; markets treat the outcome as already priced in, according to typical trading desk commentary reported by Reuters after past minutes releases
Investors see little new information, so borrowing costs and stock prices are unlikely to move much on the day

Minutes reveal notable dissent or debate over further cuts
Bond yields and the dollar can become more volatile as traders reassess the pace of future rate changes
Mortgage rates and other borrowing costs could shift as investors adjust their expectations for the Fed’s next move

Minutes signal concern about persistent inflation
Markets may price in fewer or slower rate cuts, lifting the dollar and Treasury yields, per the pattern seen after past hawkish minutes
Higher expected borrowing costs for longer, which can weigh on stock valuations and mortgage affordability

What will the minutes signal?
Analysts will look closely at how the Committee described the balance of risks between inflation and employment, since this framing often previews the tone of future statements. Any language suggesting officials are divided over the appropriate pace of further changes, sometimes called “dissent risk”, tends to draw attention because it can hint at a bumpier path for rates in early 2027.
The minutes may also discuss the Fed’s balance sheet, the portfolio of Treasury bonds and mortgage-backed securities it holds, and whether the Committee debated slowing or stopping the reduction of that portfolio, a process known as quantitative tightening. Commentators watching for forward guidance will pay attention to any hints about the conditions the Fed would need to see before adjusting policy again.
What It Means for Your Money
For homeowners and buyers, the federal funds rate influences the cost of new mortgages and the rates on adjustable loans, so any signal from the minutes about the future path of rates can move mortgage pricing even without a new decision. Savers with cash in high-yield savings accounts or money market funds tend to see returns move in the same direction as the policy rate, so a hint of further cuts ahead can mean lower interest on cash over time.
Credit card and personal loan rates, which are often tied to the prime rate, follow the federal funds rate with a lag, so changes flagged in the minutes can filter through to household borrowing costs within a few statement cycles. For investors, stock and bond markets react to any shift in expectations about future Fed policy, since lower rates generally support share prices and bond values, while a more hawkish tone can weigh on both.
Beyond the US, the dollar’s moves affect the pound and the euro. A dollar that strengthens on hawkish minutes can make imports cheaper for US consumers but can squeeze emerging market borrowers and raise the cost of dollar-denominated debt for companies and governments in the UK, the eurozone and Asia. UK and eurozone mortgage rates are not directly set by the Fed, but global bond yields often move together, so a shift in US rate expectations can nudge gilt and Bund yields, feeding through to mortgage pricing in Britain and the eurozone. Pension funds and other institutional investors holding US assets are also exposed to these swings through their bond and equity portfolios.
Related events

Previous minutes release: FOMC Minutes, November 2026
Full FOMC schedule and background: FOMC Minutes hub
Check the Federal Reserve’s own calendar for the confirmed meeting and minutes dates at the Federal Reserve’s FOMC calendar

Frequently Asked Questions
What time are the December 2026 FOMC minutes released?
The minutes are scheduled for 2:00 pm ET (7:00 pm London) on December 30, 2026, though the Federal Reserve has not formally confirmed this date, since minutes are usually published three weeks after the underlying meeting.
Will the FOMC minutes contain a new rate decision?
No. The minutes are a record of the discussion at the meeting already held earlier in December 2026; the rate decision itself was announced at that meeting, not in the minutes.
What is the current federal funds rate?
The prevailing federal funds rate depends on the outcome of the FOMC’s mid-December 2026 meeting, which had not been independently verified through official Federal Reserve sourcing at the time this page was prepared.
When is the next FOMC meeting?
The FOMC typically meets eight times a year, roughly every six to seven weeks; check the Federal Reserve’s own calendar, linked above, for the confirmed date of the next meeting after December 2026.
Where can I read the minutes when they are published?
The minutes are published directly on the Federal Reserve’s website and are typically covered in real time by major financial news outlets such as Reuters and Bloomberg.
← Previous FOMC Minutes
