FED minus ECB (USD/EUR)
• Coverage: 1999–2026
Federal Reserve vs. ECB Interest Rate Differential (1999–2026)
Historical policy rate spread between the Federal Reserve (FED Policy Rate) and the European Central Bank (ECB Policy Rate). As of Sep 2026, FED stands at 3.88% vs. ECB at 2.50%, resulting in a bilateral policy rate differential of +138 bps (+1.38 percentage points).
Current Spread (Sep 2026)
+138 bps
FED: 3.88% · ECB: 2.50%
Mean Spread (1999–2026)
+45 bps
28 overlapping years
Widest Positive Spread (1999)
+250 bps
Maximum FED premium over ECB Lowest / Negative Spread (2008)
-238 bps
Minimum FED minus ECB differential
FED (Blue) vs. ECB (Amber) Policy Rates (1999–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (FED minus ECB, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Federal Reserve · Amber: European Central Bank
Annual FED vs. ECB Policy Rate Differential Ledger (1999–2026)
| Year | FED Policy Rate | ECB Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.88% | 2.50% | +1.38 pp | +138 bps |
| 2025 | 3.62% | 2.00% | +1.62 pp | +162 bps |
| 2024 | 4.38% | 3.00% | +1.38 pp | +138 bps |
| 2023 | 5.38% | 4.50% | +0.88 pp | +88 bps |
| 2022 | 4.38% | 2.50% | +1.88 pp | +188 bps |
| 2021 | 0.12% | 0.00% | +0.12 pp | +12 bps |
| 2020 | 0.12% | 0.00% | +0.12 pp | +12 bps |
| 2019 | 1.62% | 0.00% | +1.62 pp | +162 bps |
| 2018 | 2.38% | 0.00% | +2.38 pp | +238 bps |
| 2017 | 1.38% | 0.00% | +1.38 pp | +138 bps |
| 2016 | 0.62% | 0.00% | +0.62 pp | +62 bps |
| 2015 | 0.38% | 0.05% | +0.33 pp | +33 bps |
| 2014 | 0.12% | 0.05% | +0.07 pp | +7 bps |
| 2013 | 0.12% | 0.25% | -0.13 pp | -13 bps |
| 2012 | 0.12% | 0.75% | -0.63 pp | -63 bps |
| 2011 | 0.12% | 1.00% | -0.88 pp | -88 bps |
| 2010 | 0.12% | 1.00% | -0.88 pp | -88 bps |
| 2009 | 0.12% | 1.00% | -0.88 pp | -88 bps |
| 2008 | 0.12% | 2.50% | -2.38 pp | -238 bps |
| 2007 | 4.25% | 4.00% | +0.25 pp | +25 bps |
| 2006 | 5.25% | 3.50% | +1.75 pp | +175 bps |
| 2005 | 4.25% | 2.25% | +2.00 pp | +200 bps |
| 2004 | 2.25% | 2.00% | +0.25 pp | +25 bps |
| 2003 | 1.00% | 2.00% | -1.00 pp | -100 bps |
| 2002 | 1.25% | 2.75% | -1.50 pp | -150 bps |
| 2001 | 1.75% | 3.25% | -1.50 pp | -150 bps |
| 2000 | 6.50% | 4.75% | +1.75 pp | +175 bps |
| 1999 | 5.50% | 3.00% | +2.50 pp | +250 bps |