Five central bank decisions in the next two months

The Fed and the ECB both raised rates in September, while the Bank of England, Bank of Canada and Swiss National Bank last moved in the other direction. Here is where each stands and when each decides next. By PYE Markets (@pyemarkets).

Central banks set the short-term interest rates that ripple through bonds, currencies and stock valuations. Five of the most watched have a decision between now and mid-December. Every rate and date below comes from the banks' own data and published calendars, shown on our central bank tracker.

Where policy rates stand

- US Federal Reserve: target range 3.75–4.00%, after a 25 bp increase effective 17 September 2026. - European Central Bank: deposit facility rate 2.50%, after a 25 bp increase effective 16 September 2026. - Bank of England: Bank Rate 3.75%, unchanged since a 25 bp cut effective 18 December 2025. - Bank of Canada: overnight rate target 2.25%, unchanged since a 25 bp cut effective 30 October 2025. - Swiss National Bank: policy rate 0.00%, unchanged since a 25 bp cut effective 20 June 2025.

The split is the story. The two largest central banks raised rates in September; the other three last moved by cutting, in 2025, and have held since. When rates move in different directions between two economies, the gap between them is one of the forces that moves their exchange rate.

The calendar

- 28 October: Federal Reserve (statement at 2:00 PM ET) and Bank of Canada - 29 October: European Central Bank - 5 November: Bank of England - 9 December: Federal Reserve and Bank of Canada - 10 December: Swiss National Bank - 17 December: European Central Bank and Bank of England

Dates are the announcement days from each bank's official calendar. Banks occasionally change dates; their own pages are final.

Why it matters for traders

Decision days often bring larger moves in the currencies and bond futures of the country concerned, and spread costs can widen around the announcement. Several prop-trading firms also restrict trading around major releases such as the FOMC decision; the rules differ by firm, and our prop-firm profiles list each firm's news-trading rule with a link to its own page.

The Bank of Japan, the Reserve Bank of Australia and the Reserve Bank of New Zealand are not on our tracker yet: we couldn't get their policy rates from an official source reliably, and we would rather leave them out than estimate.

General market information, not investment advice. Rates as published by each central bank, checked 20 October 2026.