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Eight central banks set the cost of credit for the major currencies. See their decisions, their voting rules and the market's expectations before each meeting.
Eight institutions set the cost of credit for the major currencies. A Fed decision spreads to other markets through exchange rates and capital flows.
FedUSDUS Federal Reserve3.75 – 4.00%↑ hike · 17 SeptNext decision28 Oct · J-5
ECBEUREuropean Central Bank2.50%↑ hike · 16 SeptNext decision29 Oct · J-6
BoEGBPBank of England3.75%↓ cut · 18 DecNext decision5 Nov · J-13
BoJJPYBank of Japan1.25%↑ hike · 24 SeptNext decision30 Oct · J-7
SNBCHFSwiss National Bank0.00%↓ cut · 20 JunNext decision10 Dec · J-48
BoCCADBank of Canada2.25%↓ cut · 30 OctNext decision28 Oct · J-5
RBAAUDReserve Bank of Australia4.60%↑ hike · 30 SeptNext decision3 Nov · J-11
RBNZNZDReserve Bank of New Zealand2.75%↑ hike · 3 SeptNext decision28 Oct · J-5All decision dates of the eight banks, month by month: 2026-2027 meeting calendar.
The make-up of each committee, its voting rule, and above all what the institution publishes about its votes. Three banks out of eight give the vote name by name, two give a simple count, three give nothing at all. No opinion is attributed to any member here: no central bank publishes that kind of classification.
Seven governors, the New York Fed president permanently, and four regional presidents on annual rotation. Nineteen participants debate, twelve vote.
Named vote published
The statement gives the count, and names those voting against as well as the option they favoured. Dissent can therefore be read the same day.
Last vote · 16 Sept 2026
unanimous, 12 votes
↑Hike3,75 – 4,00 %
Unanimous decision: the statement names no one. 2026 voters according to the statement of 29 Apr 2026.
Wikimedia Commons photos: Powell, Barr, Bowman, Cook, Jefferson, Waller, Miran, Hammack (Federal Reserve, public domain) ; Williams (New York Fed, public domain) ; Kashkari (unknown author, public domain). Members without a royalty-free photo: initials.
Previous decisions
Six Executive Board members vote permanently; national governors share fifteen votes by rotation, a system in force since 2015.
No vote published
No individual vote is published, and the Council seeks consensus. Any position attributed to a governor is a deduction from their speeches, never a fact.
Official membershipNine members, one vote each, by simple majority; four come from outside the bank. The governor has the casting vote.
Named vote published
The statement publishes the named vote of the nine members at each meeting. It's the most readable of the eight committees: you know who wanted what, and since when.
Last vote · 17 Sept 2026
6 for, 3 against
=Hold3,75 %
● dovish: wanted a looser stance● hawkish: wanted a tighter stance
Wikimedia Commons photos: Bailey (US Embassy in the United Kingdom, public domain) ; Ramsden (UK Government, OGL 3) ; Taylor (Bank of England, CC BY-SA 3.0) ; Mann (ANU TV, CC BY 3.0). Members without a royalty-free photo: initials.
Previous decisions
The governor, two deputy governors and six deliberating members, one vote each. The governor has the casting vote.
Named vote published
The named vote appears in the statement, and the minutes, published after the next meeting, give the detail of positions.
Official membershipOnly three members, deciding collectively. It's the smallest of the eight committees, and it only meets four times a year.
No vote published
No vote is published and collegiality is the rule: the decision is read in its statement, not in a balance of forces.
Official membershipThe governor, the senior deputy governor and deputy governors, deciding by consensus rather than formal vote.
No vote published
As the decision is taken by consensus, there's no vote to publish. The summary of deliberations, published since 2023, is the only window on disagreements.
Official membershipThe governor, her deputy, the Treasury secretary and six external members, one vote each. The make-up doesn't rotate from year to year.
Count published, without names
Since the 2024 reform, the vote count is published, without naming voters. You know whether the committee was split, not who dissented.
Official membershipSix members since the 2018 law, which ended decision-making by the governor alone. The governor has the casting vote.
Count published, without names
The record of decision indicates when the committee wasn't unanimous, without attributing the votes.
Official membershipSelect a bank to isolate its curve. The 2022 hiking cycle and the easing that followed can be read at a glance.
The outcomes the market prices for each meeting, derived from today's OIS swap curves.
What the market expects is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Statements, minutes and balance sheets, straight from each institution's website.
Informational content, not investment advice.
