Central bank policy rates and meetings
Central bank policy rates set the price of the eight major currencies. Here is the rate the Fed, the ECB, the BoJ, the BoE, the SNB, the RBA, the RBNZ and the BoC have set, when each one meets next, and the thing it says it is watching.
The next central bank decision is the Reserve Bank of Australia on Tuesday, 8 December 2026.
By Mike, founder of MacroSetup. Page updated . Rates as the research last recorded them, 6 November 2026, 21:12 Amsterdam time. Meeting dates from each bank's own schedule, checked 13 October 2026.
The next central bank meetings
Tue, 8 Dec 2026
Reserve Bank of Australia (RBA)
04:30 Amsterdam, 14:30 Sydney
AUD, now at 4.85%
Wed, 9 Dec 2026
Bank of Canada (BoC)
15:45 Amsterdam, 09:45 Ottawa
CAD, now at 2.50%
Wed, 9 Dec 2026
Federal Reserve (Fed)
20:00 Amsterdam, 14:00 New York
USD, now at 3.75 to 4.00%, with the Summary of Economic Projections
Wed, 9 Dec 2026
Reserve Bank of New Zealand (RBNZ)
02:00 Amsterdam, 14:00 Wellington
NZD, now at 2.75%, with the Monetary Policy Statement
Thu, 10 Dec 2026
Swiss National Bank (SNB)
09:30 Amsterdam, 09:30 Zurich
CHF, now at 0.00%
Thu, 17 Dec 2026
Bank of England (BoE)
13:00 Amsterdam, 12:00 London
GBP, now at 4.00%
Dates as the banks publish them. What a meeting does to a currency score, and the event risk it puts on a setup, is inside the app.
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What time is the next central bank decision in your time zone
Each bank's next decision, and its press conference where it holds one at a fixed time, in London, New York, UTC, India, Lagos, Nairobi, Johannesburg, Karachi, Manila, Dubai, Tokyo and Sydney, each on its own clock that day. The soonest is open; open any other bank for its 12 times.
Reserve Bank of Australia (RBA): Tue 8 Dec14:30 Sydney, 03:30 London
Tuesday 8 December 2026. The Reserve Bank of Australia announces at 14:30 Sydney time, with the press conference at 15:30.
The Reserve Bank of Australia's next decision and press conference, Tuesday 8 December 2026, in 12 time zones Where Decision Press conference LondonGMT 03:30Tue 8 Dec 04:30Tue 8 Dec New YorkEST 22:30Mon 7 Dec 23:30Mon 7 Dec UTC 03:30Tue 8 Dec 04:30Tue 8 Dec IndiaIST 09:00Tue 8 Dec 10:00Tue 8 Dec LagosWAT 04:30Tue 8 Dec 05:30Tue 8 Dec NairobiEAT 06:30Tue 8 Dec 07:30Tue 8 Dec JohannesburgSAST 05:30Tue 8 Dec 06:30Tue 8 Dec KarachiPKT 08:30Tue 8 Dec 09:30Tue 8 Dec ManilaPHT 11:30Tue 8 Dec 12:30Tue 8 Dec DubaiGST 07:30Tue 8 Dec 08:30Tue 8 Dec TokyoJST 12:30Tue 8 Dec 13:30Tue 8 Dec SydneyAEDT 14:30Tue 8 Dec 15:30Tue 8 Dec On Tuesday 8 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The RBA decision explained.
Reserve Bank of New Zealand (RBNZ): Wed 9 Dec14:00 Wellington, 01:00 London
Wednesday 9 December 2026. The Reserve Bank of New Zealand announces at 14:00 Wellington time, with the media conference at 15:00.
The Reserve Bank of New Zealand's next decision and media conference, Wednesday 9 December 2026, in 12 time zones Where Decision Media conference LondonGMT 01:00Wed 9 Dec 02:00Wed 9 Dec New YorkEST 20:00Tue 8 Dec 21:00Tue 8 Dec UTC 01:00Wed 9 Dec 02:00Wed 9 Dec IndiaIST 06:30Wed 9 Dec 07:30Wed 9 Dec LagosWAT 02:00Wed 9 Dec 03:00Wed 9 Dec NairobiEAT 04:00Wed 9 Dec 05:00Wed 9 Dec JohannesburgSAST 03:00Wed 9 Dec 04:00Wed 9 Dec KarachiPKT 06:00Wed 9 Dec 07:00Wed 9 Dec ManilaPHT 09:00Wed 9 Dec 10:00Wed 9 Dec DubaiGST 05:00Wed 9 Dec 06:00Wed 9 Dec TokyoJST 10:00Wed 9 Dec 11:00Wed 9 Dec SydneyAEDT 12:00Wed 9 Dec 13:00Wed 9 Dec On Wednesday 9 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The RBNZ decision explained.
Bank of Canada (BoC): Wed 9 Dec09:45 Ottawa, 14:45 London
Wednesday 9 December 2026. The Bank of Canada announces at 09:45 Ottawa time.
The Bank of Canada's next decision, Wednesday 9 December 2026, in 12 time zones Where Decision LondonGMT 14:45Wed 9 Dec New YorkEST 09:45Wed 9 Dec UTC 14:45Wed 9 Dec IndiaIST 20:15Wed 9 Dec LagosWAT 15:45Wed 9 Dec NairobiEAT 17:45Wed 9 Dec JohannesburgSAST 16:45Wed 9 Dec KarachiPKT 19:45Wed 9 Dec ManilaPHT 22:45Wed 9 Dec DubaiGST 18:45Wed 9 Dec TokyoJST 23:45Wed 9 Dec SydneyAEDT 01:45Thu 10 Dec On Wednesday 9 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The Bank of Canada decision explained.
Federal Reserve (Fed): Wed 9 Dec14:00 New York, 19:00 London
Wednesday 9 December 2026. The Federal Reserve announces at 14:00 New York time, with the press conference at 14:30.
The Federal Reserve's next decision and press conference, Wednesday 9 December 2026, in 12 time zones Where Decision Press conference LondonGMT 19:00Wed 9 Dec 19:30Wed 9 Dec New YorkEST 14:00Wed 9 Dec 14:30Wed 9 Dec UTC 19:00Wed 9 Dec 19:30Wed 9 Dec IndiaIST 00:30Thu 10 Dec 01:00Thu 10 Dec LagosWAT 20:00Wed 9 Dec 20:30Wed 9 Dec NairobiEAT 22:00Wed 9 Dec 22:30Wed 9 Dec JohannesburgSAST 21:00Wed 9 Dec 21:30Wed 9 Dec KarachiPKT 00:00Thu 10 Dec 00:30Thu 10 Dec ManilaPHT 03:00Thu 10 Dec 03:30Thu 10 Dec DubaiGST 23:00Wed 9 Dec 23:30Wed 9 Dec TokyoJST 04:00Thu 10 Dec 04:30Thu 10 Dec SydneyAEDT 06:00Thu 10 Dec 06:30Thu 10 Dec On Wednesday 9 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The FOMC decision explained.
Swiss National Bank (SNB): Thu 10 Dec09:30 Zurich, 08:30 London
Thursday 10 December 2026. The Swiss National Bank announces at 09:30 Zurich time, with the news conference at 10:00.
The Swiss National Bank's next decision and news conference, Thursday 10 December 2026, in 12 time zones Where Decision News conference LondonGMT 08:30Thu 10 Dec 09:00Thu 10 Dec New YorkEST 03:30Thu 10 Dec 04:00Thu 10 Dec UTC 08:30Thu 10 Dec 09:00Thu 10 Dec IndiaIST 14:00Thu 10 Dec 14:30Thu 10 Dec LagosWAT 09:30Thu 10 Dec 10:00Thu 10 Dec NairobiEAT 11:30Thu 10 Dec 12:00Thu 10 Dec JohannesburgSAST 10:30Thu 10 Dec 11:00Thu 10 Dec KarachiPKT 13:30Thu 10 Dec 14:00Thu 10 Dec ManilaPHT 16:30Thu 10 Dec 17:00Thu 10 Dec DubaiGST 12:30Thu 10 Dec 13:00Thu 10 Dec TokyoJST 17:30Thu 10 Dec 18:00Thu 10 Dec SydneyAEDT 19:30Thu 10 Dec 20:00Thu 10 Dec On Thursday 10 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The SNB decision explained.
Bank of England (BoE): Thu 17 Dec12:00 London, 07:00 New York
Thursday 17 December 2026. The Bank of England announces at 12:00 London time.
The Bank of England's next decision, Thursday 17 December 2026, in 12 time zones Where Decision LondonGMT 12:00Thu 17 Dec New YorkEST 07:00Thu 17 Dec UTC 12:00Thu 17 Dec IndiaIST 17:30Thu 17 Dec LagosWAT 13:00Thu 17 Dec NairobiEAT 15:00Thu 17 Dec JohannesburgSAST 14:00Thu 17 Dec KarachiPKT 17:00Thu 17 Dec ManilaPHT 20:00Thu 17 Dec DubaiGST 16:00Thu 17 Dec TokyoJST 21:00Thu 17 Dec SydneyAEDT 23:00Thu 17 Dec On Thursday 17 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The Bank of England decision explained.
European Central Bank (ECB): Thu 17 Dec14:15 Frankfurt, 13:15 London
Thursday 17 December 2026. The European Central Bank announces at 14:15 Frankfurt time, with the press conference at 14:45.
The European Central Bank's next decision and press conference, Thursday 17 December 2026, in 12 time zones Where Decision Press conference LondonGMT 13:15Thu 17 Dec 13:45Thu 17 Dec New YorkEST 08:15Thu 17 Dec 08:45Thu 17 Dec UTC 13:15Thu 17 Dec 13:45Thu 17 Dec IndiaIST 18:45Thu 17 Dec 19:15Thu 17 Dec LagosWAT 14:15Thu 17 Dec 14:45Thu 17 Dec NairobiEAT 16:15Thu 17 Dec 16:45Thu 17 Dec JohannesburgSAST 15:15Thu 17 Dec 15:45Thu 17 Dec KarachiPKT 18:15Thu 17 Dec 18:45Thu 17 Dec ManilaPHT 21:15Thu 17 Dec 21:45Thu 17 Dec DubaiGST 17:15Thu 17 Dec 17:45Thu 17 Dec TokyoJST 22:15Thu 17 Dec 22:45Thu 17 Dec SydneyAEDT 00:15Fri 18 Dec 00:45Fri 18 Dec On Thursday 17 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The ECB decision explained.
Bank of Japan (BoJ): Fri 18 DecNo fixed time; press conference at 15:30 Tokyo
Friday 18 December 2026. The Bank of Japan sets no time for the decision itself: the statement comes out when the meeting ends, so no table can give its minute. Its press conference is fixed, at 15:30 Tokyo time.
The Bank of Japan's next decision and press conference, Friday 18 December 2026, in 12 time zones Where Press conference LondonGMT 06:30Fri 18 Dec New YorkEST 01:30Fri 18 Dec UTC 06:30Fri 18 Dec IndiaIST 12:00Fri 18 Dec LagosWAT 07:30Fri 18 Dec NairobiEAT 09:30Fri 18 Dec JohannesburgSAST 08:30Fri 18 Dec KarachiPKT 11:30Fri 18 Dec ManilaPHT 14:30Fri 18 Dec DubaiGST 10:30Fri 18 Dec TokyoJST 15:30Fri 18 Dec SydneyAEDT 17:30Fri 18 Dec On Friday 18 December 2026 London is on GMT, New York on EST and Sydney on AEDT. The Bank of Japan decision explained.
Central bank meeting calendar 2026 and 2027
Every scheduled rate decision of the eight central banks in 2026 and 2027, from each bank's own published schedule, checked on 13 October 2026. The date is the day the decision is announced. Dates in bold come with projections or a policy report, and dates that have passed are greyed out. The 2027 dates month by month, with the busiest days and the times in London and New York, have a page of their own.
| Central bank | 2026 | 2027 |
|---|---|---|
| Federal Reserve (Fed)14:00 New York time |
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| European Central Bank (ECB)14:15 Frankfurt time |
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| Bank of England (BoE)12:00 London time |
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| Bank of Japan (BoJ)No fixed time |
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| Swiss National Bank (SNB)09:30 Zurich time |
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| Reserve Bank of Australia (RBA)14:30 Sydney time |
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| Reserve Bank of New Zealand (RBNZ)14:00 Wellington time |
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| Bank of Canada (BoC)09:45 Ottawa time |
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In bold: the Fed's Summary of Economic Projections, the ECB's staff projections, the Bank of England's Monetary Policy Report, the Bank of Japan's Outlook Report, the RBA's Statement on Monetary Policy, the RBNZ's Monetary Policy Statement and the Bank of Canada's Monetary Policy Report.
- Federal Reserve: Two-day meetings; the decision comes on the second day. The Fed calls each date tentative until the meeting before it.
- European Central Bank: Two-day meetings; the decision comes on the second day. Projections come four times a year, in March, June, September and December.
- Bank of Japan: Two-day meetings; the decision comes on the second day, at no fixed time.
- Swiss National Bank: Four assessments a year, each with a news conference at 10:00.
- Reserve Bank of Australia: Two-day meetings; the decision comes on the second day. The Statement on Monetary Policy comes with the February, May, August and November decisions.
- Reserve Bank of New Zealand: Seven decisions in 2026 and eight from 2027. The February 2027 decision was moved a week earlier, so older lists show another date.
Banks can move a date or decide between meetings, and the Fed calls each date tentative until the meeting before it. The sources: Federal Reserve, FOMC meeting calendars, ECB, Governing Council meeting calendar, ECB, monetary policy decisions, Bank of England, upcoming MPC dates, Bank of England, MPC dates for 2027, Bank of Japan, Monetary Policy Meetings schedule, Swiss National Bank, monetary policy decisions, Swiss National Bank, event schedule, Reserve Bank of Australia, Monetary Policy Board meeting schedules, Reserve Bank of Australia, Statement on Monetary Policy, Reserve Bank of New Zealand, OCR decision dates to February 2028, Bank of Canada, 2026 schedule, Bank of Canada, 2027 schedule.
Central bank policy rates, one by one
Every bank has a target it has to hit and a set of numbers it says it is steering by. Read a release against that target and you know whether it moves the bank. Read it against the headline and you mostly learn what a newsroom finds interesting.
- USD3.75 to 4.00%
Federal Reserve (Fed)
US dollar
- Target
- Maximum employment and stable prices, with inflation at 2% over the longer run
- What else moves the currency
- The world's main reserve currency. Tends to gain when markets turn cautious. Is it still a safe haven?
- Next meeting
- Wed, 9 Dec 2026
- EUR2.50%
European Central Bank (ECB)
Euro
- Target
- Price stability: inflation at 2% over the medium term
- What else moves the currency
- Driven by the gap between ECB and Fed policy, growth in the euro area and energy prices.
- Next meeting
- Thu, 17 Dec 2026
- JPY1.25%
Bank of Japan (BoJ)
Japanese yen
- Target
- Price stability: inflation at 2%
- What else moves the currency
- A safe haven that tends to gain when markets turn cautious, and a common funding currency in calm ones.
- Next meeting
- Fri, 18 Dec 2026
- GBP4.00%
Bank of England (BoE)
British pound
- Target
- Inflation at 2%, the target set by the government
- What else moves the currency
- Moves on UK inflation and labour data, and on how far the Bank is willing to go.
- Next meeting
- Thu, 17 Dec 2026
- CHF0.00%
Swiss National Bank (SNB)
Swiss franc
- Target
- Price stability: inflation below 2% a year
- What else moves the currency
- A safe haven that tends to gain when markets turn cautious.
- Next meeting
- Thu, 10 Dec 2026
- AUD4.85%
Reserve Bank of Australia (RBA)
Australian dollar
- Target
- Inflation between 2 and 3%, and full employment
- What else moves the currency
- Tied to risk appetite and commodities, and to demand from China.
- Next meeting
- Tue, 8 Dec 2026
- NZD2.75%
Reserve Bank of New Zealand (RBNZ)
New Zealand dollar
- Target
- Inflation between 1 and 3%, aiming for 2%
- What else moves the currency
- Tied to risk appetite and to what New Zealand exports, dairy first.
- Next meeting
- Wed, 9 Dec 2026
- CAD2.50%
Bank of Canada (BoC)
Canadian dollar
- Target
- Inflation at 2%, the middle of a 1 to 3% range
- What else moves the currency
- Tied to oil prices and to the US economy, its largest trading partner.
- Next meeting
- Wed, 9 Dec 2026
Hawkish, dovish, and the word that matters more
Hawkish means leaning towards higher rates, dovish towards lower ones. Useful words, and less useful than the one nobody puts in a headline: expected. A currency moves on the path the market thinks the bank will take, not on the rate it set this afternoon.
That is why a cut can lift a currency. If the market had priced two cuts and the bank delivers one while sounding unconvinced about the next, the expected path just moved up, whatever the decision itself said.
So the question to ask of every statement is narrow: did this change what the market expects the bank to do next, and by how much. Everything else is commentary. Hawkish vs dovish, in full
Where this sits in a score
The bank, its stance and its rate level make up the largest part of the fundamentals pillar, which is worth up to 35 points of a currency score out of 100. Members see each bank as a card: the last decision, the tone, the focus, the next meeting and what a change would do.
The longer piece on what a bank steers by is in the reading corner: what a central bank steers by.
Questions about the banks
When is the next central bank meeting?
The next central bank decision is the Reserve Bank of Australia on Tuesday, 8 December 2026. The calendar on this page lists every scheduled decision of the eight banks for 2026 and 2027, from each bank's own schedule.
Which central bank belongs to which major currency?
The Federal Reserve (USD), the European Central Bank (EUR), the Bank of Japan (JPY), the Bank of England (GBP), the Swiss National Bank (CHF), the Reserve Bank of Australia (AUD), the Reserve Bank of New Zealand (NZD) and the Bank of Canada (CAD).
What do hawkish and dovish mean?
Hawkish is leaning towards higher rates, usually because inflation worries the bank. Dovish is leaning towards lower rates, usually because growth or jobs worry it more. Both describe a direction of travel, not the rate itself.
Why can a rate cut make a currency rise?
Because the market had already priced more. If two cuts were expected and the bank delivers one while sounding unconvinced about the next, the expected path has moved up even though the rate has come down.
When does each bank meet next?
The next meeting of each of the eight is on its card on this page, and the calendar lists every scheduled decision, both from each bank's own published schedule. The rate itself follows the research, so a new decision shows up here on the day it is made. The rates and the gaps between them