Global Interest Rates & Central Bank Statistics in 1974
First OPEC oil shock triggers global stagflation and steep policy rate hikes Inspect 10 headline monetary indicators and 8 reporting central bank policy rates recorded in 1974.
Headline Monetary Indicators in 1974
Federal Reserve
Rank #41 of 73 yrs
Federal Funds Effective Rate (United States)
1974 Reading 3.87%
YoY Change -5.96 pp
Bank of England
Rank #10 of 81 yrs
Bank of England Official Base Rate (United Kingdom)
1974 Reading 11.50%
YoY Change -1.50 pp
Bank of Japan
Rank #1 of 75 yrs
Bank of Japan Policy Interest Rate (Japan)
1974 Reading 9.00%
YoY Change 0.00 pp
Swiss National Bank
Rank #6 of 81 yrs
Swiss National Bank Policy Interest Rate (Switzerland)
1974 Reading 5.50%
YoY Change +1.00 pp
Bank of Canada
Rank #13 of 67 yrs
Bank of Canada Target Overnight Rate (Canada)
1974 Reading 8.75%
YoY Change +1.50 pp
Federal Reserve
Rank #8 of 113 yrs
United States Inflation Rate (CPI YoY %)
1974 Reading 11.03%
YoY Change +4.87 pp
Bank of England
Rank #7 of 113 yrs
United Kingdom Inflation Rate (CPI YoY %)
1974 Reading 15.68%
YoY Change +6.36 pp
Federal Reserve
Rank #53 of 113 yrs
Federal Reserve Balance Sheet Total Assets (USD)
1974 Reading $115.10B
YoY Change +$11.44B
Federal Reserve
Rank #49 of 66 yrs
United States Foreign Exchange & Gold Reserves (USD)
1974 Reading $55.70B
YoY Change +$22.00B
Federal Reserve
Rank #38 of 63 yrs
US Dollar (USD) Real Effective Exchange Rate (REER)
1974 Reading 90.99
YoY Change -3.82
Central Bank Policy Rates & Real Interest Rates in 1974 (8 Monetary Authorities)
| Rank | Central Bank | Country / CCY | 1974 Policy Rate | 1974 CPI Inflation | 1974 Ex-Post Real Rate |
|---|---|---|---|---|---|
| #1 | Bank of England (BOE) | United Kingdom (GBP) | 11.50% | 15.68% | -4.18% |
| #2 | Danmarks Nationalbank (DNB) | Denmark (DKK) | 10.00% | 15.24% | -5.24% |
| #3 | Bank of Japan (BOJ) | Japan (JPY) | 9.00% | 23.10% | -14.10% |
| #4 | Reserve Bank of India (RBI) | India (INR) | 9.00% | 28.59% | -19.59% |
| #5 | Bank of Canada (BOC) | Canada (CAD) | 8.75% | 10.97% | -2.22% |
| #6 | Sveriges Riksbank (RIKSBANK) | Sweden (SEK) | 7.00% | 9.90% | -2.90% |
| #7 | Swiss National Bank (SNB) | Switzerland (CHF) | 5.50% | 9.78% | -4.28% |
| #8 | Federal Reserve (FED) | United States (USD) | 3.87% | 11.03% | -7.16% |
Surrounding Decade Context (1969-1979)
| Year | Fed Funds | BoE Rate | BoJ Rate | US CPI | Context |
|---|---|---|---|---|---|
| 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. |
| 1977 | 6.53% | 7.00% | 4.25% | 6.50% | Global monetary policy and central bank balance sheet ledger for 1977. |
| 1978 | 10.84% | 12.50% | 3.50% | 7.62% | Global monetary policy and central bank balance sheet ledger for 1978. |
| 1979 | 14.77% | 17.00% | 6.25% | 11.22% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |