Global Interest Rates & Central Bank Statistics in 1971
Nixon Shock suspends USD gold convertibility; Bretton Woods system ends Inspect 10 headline monetary indicators and 8 reporting central bank policy rates recorded in 1971.
Headline Monetary Indicators in 1971
Federal Reserve
Rank #44 of 73 yrs
Federal Funds Effective Rate (United States)
1971 Reading 3.00%
YoY Change 0.00 pp
Bank of England
Rank #42 of 81 yrs
Bank of England Official Base Rate (United Kingdom)
1971 Reading 5.00%
YoY Change -2.00 pp
Bank of Japan
Rank #36 of 75 yrs
Bank of Japan Policy Interest Rate (Japan)
1971 Reading 4.75%
YoY Change -1.25 pp
Swiss National Bank
Rank #14 of 81 yrs
Swiss National Bank Policy Interest Rate (Switzerland)
1971 Reading 3.75%
YoY Change 0.00 pp
Bank of Canada
Rank #31 of 67 yrs
Bank of Canada Target Overnight Rate (Canada)
1971 Reading 4.75%
YoY Change -1.25 pp
Federal Reserve
Rank #29 of 113 yrs
United States Inflation Rate (CPI YoY %)
1971 Reading 4.30%
YoY Change -1.54 pp
Bank of England
Rank #17 of 113 yrs
United Kingdom Inflation Rate (CPI YoY %)
1971 Reading 9.41%
YoY Change +2.90 pp
Federal Reserve
Rank #55 of 113 yrs
Federal Reserve Balance Sheet Total Assets (USD)
1971 Reading $97.20B
YoY Change +$12.67B
Federal Reserve
Rank #66 of 66 yrs
United States Foreign Exchange & Gold Reserves (USD)
1971 Reading $14.83B
YoY Change $-0.41B
Federal Reserve
Rank #8 of 63 yrs
US Dollar (USD) Real Effective Exchange Rate (REER)
1971 Reading 111.88
YoY Change -3.23
Central Bank Policy Rates & Real Interest Rates in 1971 (8 Monetary Authorities)
| Rank | Central Bank | Country / CCY | 1971 Policy Rate | 1971 CPI Inflation | 1971 Ex-Post Real Rate |
|---|---|---|---|---|---|
| #1 | Danmarks Nationalbank (DNB) | Denmark (DKK) | 7.50% | 5.88% | +1.62% |
| #2 | Reserve Bank of India (RBI) | India (INR) | 6.00% | 4.96% | +1.04% |
| #3 | Bank of England (BOE) | United Kingdom (GBP) | 5.00% | 9.41% | -4.41% |
| #4 | Sveriges Riksbank (RIKSBANK) | Sweden (SEK) | 5.00% | 7.41% | -2.41% |
| #5 | Bank of Japan (BOJ) | Japan (JPY) | 4.75% | 6.42% | -1.67% |
| #6 | Bank of Canada (BOC) | Canada (CAD) | 4.75% | 2.70% | +2.05% |
| #7 | Swiss National Bank (SNB) | Switzerland (CHF) | 3.75% | 6.57% | -2.82% |
| #8 | Federal Reserve (FED) | United States (USD) | 3.00% | 4.30% | -1.30% |
Surrounding Decade Context (1966-1976)
| Year | Fed Funds | BoE Rate | BoJ Rate | US CPI | Context |
|---|---|---|---|---|---|
| 1966 | 5.00% | 7.00% | 5.48% | 3.01% | Credit crunch of 1966 and monetary tightening |
| 1967 | 4.50% | 8.00% | 5.84% | 2.77% | Global monetary policy and central bank balance sheet ledger for 1967. |
| 1968 | 4.00% | 7.00% | 5.84% | 4.27% | Global monetary policy and central bank balance sheet ledger for 1968. |
| 1969 | 5.00% | 8.00% | 6.25% | 5.46% | Global monetary policy and central bank balance sheet ledger for 1969. |
| 1970 | 3.00% | 7.00% | 6.00% | 5.84% | Global monetary policy and central bank balance sheet ledger for 1970. |
| 1971 | 3.00% | 5.00% | 4.75% | 4.30% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1972 | 5.50% | 9.00% | 4.25% | 3.27% | Global monetary policy and central bank balance sheet ledger for 1972. |
| 1973 | 9.83% | 13.00% | 9.00% | 6.16% | Global monetary policy and central bank balance sheet ledger for 1973. |
| 1974 | 3.87% | 11.50% | 9.00% | 11.03% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1975 | 5.37% | 11.25% | 6.50% | 9.19% | Global monetary policy and central bank balance sheet ledger for 1975. |
| 1976 | 4.17% | 14.25% | 6.50% | 5.75% | Global monetary policy and central bank balance sheet ledger for 1976. |