Central bank interest rates in the U.S. and Europe 2022-2023, with forecasts to 2026
The central bank interest rates witnessed exceptional increases in the United States, eurozone, United Kingdom, and Switzerland between 2021 and 2023. These sharp increases were triggered by the soaring inflation across the world. At the end of 2023, the federal funds rate stood at 5.38 percent, the ECB deposit rate at four percent, and the SNB policy rate at 1.75 percent. As inflation more or less stabilized toward the end of 2023 and in early 2024, all major interest rates are forecast to decrease gradually between 2024 and 2026.
