Equilon FXFederal Reserve
- Mandate / objective
- Maximum employment and stable prices
- Main instrument
- Federal funds target range
- Decision body
- Federal Open Market Committee
- Read alongside the decision
- Decision statement, minutes, projections and press conference
Central banksRead the institution.
Read the institution.
Then the decision.
Eight policy frameworks, their key documents and the questions that help you interpret them.
FED / USD
Federal Reserve
Read the US policy conversation as a balance between inflation, employment and the path of financial conditions.
ECB / EUREuropean Central Bank
One monetary-policy framework serves a currency area with different national economic conditions.
BOE / GBPBank of England
For sterling, connect the policy decision with the UK inflation mix, pay data and the demand outlook.
BOJ / JPYBank of Japan
Distinguish the monetary-policy framework from market narratives about the yen, funding and policy normalisation.
SNB / CHFSwiss National Bank
Read the franc through monetary conditions, the exchange rate and the assumptions behind the inflation forecast.
BOC / CADBank of Canada
A flexible exchange rate and an inflation-control target form the core of Canada’s policy framework.
RBA / AUDReserve Bank of Australia
Connect Australian policy with domestic demand, inflation and the external prices relevant to an open economy.
RBNZ / NZDReserve Bank of New Zealand
Read New Zealand’s inflation outlook alongside the transmission of the Official Cash Rate and external conditions.
The institutional mirrorSame question.
Same question.
Different frameworks.
Compare mandates and communication. This is an institutional reference, not a table of current interest rates.
Comparing Federal Reserve and European Central Bank.
European Central Bank
- Mandate / objective
- Symmetric 2% inflation over the medium term
- Main instrument
- Key ECB interest rates
- Decision body
- Governing Council
- Read alongside the decision
- Policy decisions, press conference, accounts and staff projections