Central Bank Watch
Follow every monetary policy meeting of the major central banks (Fed, ECB, BOJ, BOE, RBA). After each meeting, we summarise the decision, the outlook for the next meeting, and the market impact. The latest article always appears at the top.
14 articles
BOJBOJ holds at 1.0%. Leaves the door open to more hikes.
The BOJ held its policy rate at 1.0% on July 31 (voting 8–1), a pause after June's 31-year hike. Its Outlook Report warned inflation will run "clearly above 2%" in H2 FY2026, with the yen at a 40-year low keeping the door open to further hikes.
BOEBoE holds at 3.75%. Hike votes rise to "3".
The Bank of England held its rate at 3.75% (6-3). All three dissenters argued for a hike, not a cut. Hawks grew from two votes in June to three. Next meeting Sept 17.
FRBThe Fed holds for a 5th straight meeting. But 3 dissented for a hike.
The FOMC held the fed funds rate at 3.50-3.75% for a fifth straight meeting. The 9-3 vote saw three regional presidents dissent, each favoring a 0.25% hike — a sharp swing from June's unanimous vote.
ECBThe ECB Holds Rates. Assessing the War's Impact.
The ECB held its deposit rate at 2.25%, pausing after June's first hike in roughly three years to assess the Iran war's impact on the euro-area economy. HICP eased to 2.8% in June.
BOEThe BOE held at 3.75%. Hike votes rose to "2."
The Bank of England held Bank Rate at 3.75% (7–2). Both dissenters voted for a 0.25% hike, lifting the hawkish camp from one in April to two. CPI eased to 2.8%, but the BoE warned it will climb again later in 2026 as energy feeds through.
FRBThe Fed held rates for a fourth straight meeting.
The FOMC kept the fed funds rate at 3.50–3.75%. With CPI re-accelerating to +4.2%, new Chair Warsh's first meeting opted for a hold. Attention shifted to a dot plot reflecting a retreat in the rate-cut outlook.