The central banks that matter most to European investors no longer move together. This report sets out where each stands, every rate decision since 2022, what their rates are worth after inflation and when each decides next, from the banks' own data.
Edition of 11 October 2026 · data up to 10 Oct 2026 · General Assets Research Group
Policy rates today: European Central Bank 2.50%; Federal Reserve 3.75–4.00%; Bank of England 3.75%; Swiss National Bank 0.00%.
Over the past twelve months: the ECB 2 rises (net +0.50 pp); the Fed 1 rise, 2 cuts (net −0.25 pp); the BoE 1 cut (net −0.25 pp); the SNB no change.
After inflation, the ECB's deposit rate is −1.30 pp (September 2026: 2.50% minus 3.8% inflation); the Fed's mid-point rate is +0.23 pp after US CPI inflation (August 2026). A negative real rate means money in the deposit facility loses purchasing power.
The gap between US and euro-area policy rates (Fed mid-point minus ECB deposit rate) is 1.38 percentage points; it was 1.88 a year ago.
Since 2022 the central banks have changed rates 68 times between them; the highest levels of this cycle were ECB 4.00% (20 Sep 2023), Fed 5.50% upper bound, Bank of England 5.25%, SNB 1.75%.
Where each stands, what it did last and when it decides next.
2.50%
deposit facility rate
Mandate. Price stability, defined since the 2021 strategy review as 2% inflation over the medium term, symmetric: deviations above and below are equally undesirable.
3.75–4.00%
federal funds target range
Mandate. A dual mandate from Congress: maximum employment and stable prices. The Federal Open Market Committee aims at 2% inflation measured by the PCE price index (not the CPI).
3.75%
Bank Rate
Mandate. Price stability: an inflation target of 2% on the CPI, set by the UK government. The Monetary Policy Committee also supports the government's economic objectives.
0.00%
SNB policy rate
Mandate. Price stability, which the SNB equates with CPI inflation of less than 2% a year; it may also act on the franc's exchange rate.
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