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Global Monetary Policy Observatory

Hawk/Dove Monitor — G10 Central Banks

Pre-Decision Policy Previews →
Desk-style previews published the day before every G10 policy decision

How This Works — The Hawk/Dove Model

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🇧🇷
BCB
Banco Central do Brasil
BRL
14.25%▼ CUT
No data7 members
🇿🇦
SARB
South African Reserve Bank
ZAR
7.00%● HOLD
+0.3266 members
6 per year
🇦🇺
RBA
Reserve Bank of Australia
AUD
4.35%● HOLD
+0.2639 members
8 per year
🇳🇴
NORGES
Norges Bank
NOK
4.25%● HOLD
+0.5985 members
8 per year
🇬🇧
BOE
Bank of England
GBP
3.75%● HOLD
-0.0719 members
8 per year
🇺🇸
FED
Federal Reserve
USD
3.63%● HOLD
+0.37719 members
8 per year
🇳🇿
RBNZ
Reserve Bank of New Zealand
NZD
2.50%▲ HIKE
+0.5966 members
7 per year
🇪🇺
ECB
European Central Bank
EUR
2.25%● HOLD
+0.27327 members
6 per year (policy) + 8 non-monetary
🇨🇦
BOC
Bank of Canada
CAD
2.25%● HOLD
+0.1906 members
8 per year
🇸🇪
RIKSBANK
Sveriges Riksbank
SEK
1.75%● HOLD
+0.1215 members
5 per year
🇯🇵
BOJ
Bank of Japan
JPY
1.00%● HOLD
+0.4939 members
8 per year
🇨🇭
SNB
Swiss National Bank
CHF
0.00%● HOLD
-0.1357 members
4 per year

Hawk/Dove Composite

Policy Rates — Ranked

🇧🇷 BCB
14.25%
🇿🇦 SARB
7.00%
🇦🇺 RBA
4.35%
🇳🇴 NORGES
4.25%
🇬🇧 BOE
3.75%
🇺🇸 FED
3.63%
🇳🇿 RBNZ
2.50%
🇪🇺 ECB
2.25%
🇨🇦 BOC
2.25%
🇸🇪 RIKSBANK
1.75%
🇯🇵 BOJ
1.00%
🇨🇭 SNB
0.00%

Monetary Policy Stance

Policy Rates & Balance Sheet

Policy rate history with monthly balance sheet change for G10 central banks. Rate line shows the effective/target policy rate. Bars show monthly change in total assets — green for expansion (QE), red for contraction (QT).

3.63%policy rate
on hold since 2026-06-17
Federal Reserve Policy Rate + QE/QT Chart | Current rate: 3.63% | Rate history: 2026-01-01: 3.64%, 2026-02-01: 3.64%, 2026-03-01: 3.64%, 2026-04-01: 3.64%, 2026-05-01: 3.63%, 2026-06-01: 3.63% | Balance sheet monthly change ($bn): 2026-02-01: +26.2, 2026-03-01: +43.4, 2026-04-01: +42.8, 2026-05-01: +4.4, 2026-06-01: +31.3, 2026-07-01: +2.5 | Source: FRED, Bank of Canada, SNB, Central Bank meetings

Source data · Policy rate = effective/target rate · Balance sheet = monthly change in total assets ($bn) · Click any bar to view source data

Recent Speeches

DateCBSpeakerTitleScore
2026-07-31FEDLisa CookLisa D Cook: Economic outlook+0.65
2026-07-31FEDChristopher WallerChristopher J Waller: Monetary policy at a crossroads+0.55
2026-07-31FEDBeth HammackStatement from Federal Reserve Bank of Cleveland president Beth Hammack regarding her vote at the Federal Open Market Committee’s July 28–29 meeting+0.85
2026-07-31ECBFabio PanettaFabio Panetta: The economic and financial system amidst uncertainty and innovation+0.25
2026-07-31ECBDr Fritzi Köhler-GeibFritzi Köhler-Geib: Intangible investment and the economy - a central banking perspective+0.05
2026-07-31BOEAndrew BaileyAndrew Bailey: Growth and regulation-0.15
2026-07-31BOCTiff MacklemTiff Macklem: Release of the Monetary Policy Report+0.25
2026-07-31RBASarah HunterSarah Hunter: Understanding supply shocks and their implications for monetary policy+0.05
2026-07-30FEDChristopher WallerChristopher J Waller: Two thoughts on the transmission of monetary policy+0.20
2026-07-30ECBGabriel MakhloufGabriel Makhlouf: Understanding your lane, managing turning points+0.40
2026-07-30RBAChristopher KentChristopher Kent: Additional monetary policy tools - reflections and a new framework-0.10
2026-07-30RBASarah HunterFireside Chat at the Barrenjoey 4th Annual Australia Economics Forum+0.30
2026-07-28RBAMichele BullockMonetary Policy in an Era of Shocks+0.55
2026-07-23ECBBoris VujčićChristine Lagarde, Boris Vujčić: Monetary policy statement (with Q&A)+0.30
2026-07-16FEDPhilip JeffersonNavigating Economic Shocks: A Monetary Policymaker’s Perspective-0.10
2026-07-16FEDLorie LoganRemarks on inflation, employment and monetary policy+0.75
2026-07-16FEDJeff SchmidThe Federal Reserve, Economic Outlook and Monetary Policy+0.55
2026-07-15FEDLisa CookEconomic Outlook+0.55
2026-07-15FEDJohn WilliamsStability of Thy Times-0.25
2026-07-15ECBPiero CipollonePiero Cipollone: Interview with Ouest-France+0.40

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