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Central banks
The policy rate each central bank sets, when it last changed and how many days remain until its next scheduled decision. The rings fill as the next decision date approaches.
What a policy rate is
A central bank steers short-term interest rates in its currency through one key rate. Changes to it pass through to the rates banks charge each other overnight, and from there to other borrowing costs.
The Federal Reserve sets a target range rather than a single figure. The rate shown for the European Central Bank is the one it pays banks on money they leave with it overnight; the ECB steers its policy through that rate. The Bank of England's rate is shown without its meeting dates.
Policy rate in the glossary How to read the rings
