FED minus BOE (USD/GBP)
• Coverage: 1954–2026
Federal Reserve vs. Bank of England Interest Rate Differential (1954–2026)
Historical policy rate spread between the Federal Reserve (FED Policy Rate) and the Bank of England (BOE Policy Rate). As of Sep 2026, FED stands at 3.88% vs. BOE at 3.75%, resulting in a bilateral policy rate differential of +13 bps (+0.13 percentage points).
Current Spread (Sep 2026)
+13 bps
FED: 3.88% · BOE: 3.75%
Mean Spread (1954–2026)
-171 bps
73 overlapping years
Widest Positive Spread (1980)
+800 bps
Maximum FED premium over BOE Lowest / Negative Spread (1976)
-1008 bps
Minimum FED minus BOE differential
FED (Blue) vs. BOE (Amber) Policy Rates (1954–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (FED minus BOE, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Federal Reserve · Amber: Bank of England
Annual FED vs. BOE Policy Rate Differential Ledger (1954–2026)
| Year | FED Policy Rate | BOE Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.88% | 3.75% | +0.13 pp | +13 bps |
| 2025 | 3.62% | 3.75% | -0.13 pp | -13 bps |
| 2024 | 4.38% | 4.75% | -0.37 pp | -37 bps |
| 2023 | 5.38% | 5.25% | +0.13 pp | +13 bps |
| 2022 | 4.38% | 3.50% | +0.88 pp | +88 bps |
| 2021 | 0.12% | 0.25% | -0.13 pp | -13 bps |
| 2020 | 0.12% | 0.10% | +0.02 pp | +2 bps |
| 2019 | 1.62% | 0.75% | +0.87 pp | +87 bps |
| 2018 | 2.38% | 0.75% | +1.63 pp | +163 bps |
| 2017 | 1.38% | 0.50% | +0.88 pp | +88 bps |
| 2016 | 0.62% | 0.25% | +0.37 pp | +37 bps |
| 2015 | 0.38% | 0.50% | -0.12 pp | -12 bps |
| 2014 | 0.12% | 0.50% | -0.38 pp | -38 bps |
| 2013 | 0.12% | 0.50% | -0.38 pp | -38 bps |
| 2012 | 0.12% | 0.50% | -0.38 pp | -38 bps |
| 2011 | 0.12% | 0.50% | -0.38 pp | -38 bps |
| 2010 | 0.12% | 0.50% | -0.38 pp | -38 bps |
| 2009 | 0.12% | 0.50% | -0.38 pp | -38 bps |
| 2008 | 0.12% | 2.00% | -1.88 pp | -188 bps |
| 2007 | 4.25% | 5.50% | -1.25 pp | -125 bps |
| 2006 | 5.25% | 5.00% | +0.25 pp | +25 bps |
| 2005 | 4.25% | 4.50% | -0.25 pp | -25 bps |
| 2004 | 2.25% | 4.75% | -2.50 pp | -250 bps |
| 2003 | 1.00% | 3.75% | -2.75 pp | -275 bps |
| 2002 | 1.25% | 4.00% | -2.75 pp | -275 bps |
| 2001 | 1.75% | 4.00% | -2.25 pp | -225 bps |
| 2000 | 6.50% | 6.00% | +0.50 pp | +50 bps |
| 1999 | 5.50% | 5.50% | 0.00 pp | 0 bps |
| 1998 | 4.75% | 6.25% | -1.50 pp | -150 bps |
| 1997 | 5.50% | 7.25% | -1.75 pp | -175 bps |
| 1996 | 5.25% | 5.94% | -0.69 pp | -69 bps |
| 1995 | 5.50% | 6.38% | -0.88 pp | -88 bps |
| 1994 | 5.50% | 6.12% | -0.62 pp | -62 bps |
| 1993 | 3.00% | 5.38% | -2.38 pp | -238 bps |
| 1992 | 3.00% | 6.88% | -3.88 pp | -388 bps |
| 1991 | 4.00% | 10.38% | -6.38 pp | -638 bps |
| 1990 | 7.00% | 13.88% | -6.88 pp | -688 bps |
| 1989 | 8.25% | 14.88% | -6.63 pp | -663 bps |
| 1988 | 8.69% | 12.88% | -4.19 pp | -419 bps |
| 1987 | 6.81% | 8.38% | -1.57 pp | -157 bps |
| 1986 | 5.88% | 10.88% | -5.00 pp | -500 bps |
| 1985 | 7.75% | 11.38% | -3.63 pp | -363 bps |
| 1984 | 8.74% | 9.50% | -0.76 pp | -76 bps |
| 1983 | 9.92% | 9.06% | +0.86 pp | +86 bps |
| 1982 | 11.20% | 10.00% | +1.20 pp | +120 bps |
| 1981 | 13.13% | 14.38% | -1.25 pp | -125 bps |
| 1980 | 22.00% | 14.00% | +8.00 pp | +800 bps |
| 1979 | 14.77% | 17.00% | -2.23 pp | -223 bps |
| 1978 | 10.84% | 12.50% | -1.66 pp | -166 bps |
| 1977 | 6.53% | 7.00% | -0.47 pp | -47 bps |
| 1976 | 4.17% | 14.25% | -10.08 pp | -1008 bps |
| 1975 | 5.37% | 11.25% | -5.88 pp | -588 bps |
| 1974 | 3.87% | 11.50% | -7.63 pp | -763 bps |
| 1973 | 9.83% | 13.00% | -3.17 pp | -317 bps |
| 1972 | 5.50% | 9.00% | -3.50 pp | -350 bps |
| 1971 | 3.00% | 5.00% | -2.00 pp | -200 bps |
| 1970 | 3.00% | 7.00% | -4.00 pp | -400 bps |
| 1969 | 5.00% | 8.00% | -3.00 pp | -300 bps |
| 1968 | 4.00% | 7.00% | -3.00 pp | -300 bps |
| 1967 | 4.50% | 8.00% | -3.50 pp | -350 bps |
| 1966 | 5.00% | 7.00% | -2.00 pp | -200 bps |
| 1965 | 4.63% | 6.00% | -1.37 pp | -137 bps |
| 1964 | 4.00% | 7.00% | -3.00 pp | -300 bps |
| 1963 | 3.25% | 4.00% | -0.75 pp | -75 bps |
| 1962 | 3.00% | 4.50% | -1.50 pp | -150 bps |
| 1961 | 2.50% | 6.00% | -3.50 pp | -350 bps |
| 1960 | 3.00% | 5.00% | -2.00 pp | -200 bps |
| 1959 | 4.00% | 4.00% | 0.00 pp | 0 bps |
| 1958 | 2.38% | 4.00% | -1.62 pp | -162 bps |
| 1957 | 3.00% | 7.00% | -4.00 pp | -400 bps |
| 1956 | 3.00% | 5.50% | -2.50 pp | -250 bps |
| 1955 | 2.50% | 4.50% | -2.00 pp | -200 bps |
| 1954 | 1.44% | 3.00% | -1.56 pp | -156 bps |