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
