Global Interest Rates & Central Bank Statistics in 1978
Global monetary policy and central bank balance sheet ledger for 1978. Inspect 11 headline monetary indicators and 9 reporting central bank policy rates recorded in 1978.
Headline Monetary Indicators in 1978
Federal Reserve
Rank #5 of 73 yrs
Federal Funds Effective Rate (United States)
1978 Reading 10.84%
YoY Change +4.31 pp
Bank of England
Rank #9 of 81 yrs
Bank of England Official Base Rate (United Kingdom)
1978 Reading 12.50%
YoY Change +5.50 pp
Bank of Japan
Rank #43 of 75 yrs
Bank of Japan Policy Interest Rate (Japan)
1978 Reading 3.50%
YoY Change -0.75 pp
Reserve Bank of Australia
Rank #12 of 51 yrs
RBA Cash Rate Target (Australia)
1978 Reading 8.28%
YoY Change +0.37 pp
Swiss National Bank
Rank #55 of 81 yrs
Swiss National Bank Policy Interest Rate (Switzerland)
1978 Reading 1.00%
YoY Change -0.50 pp
Bank of Canada
Rank #7 of 67 yrs
Bank of Canada Target Overnight Rate (Canada)
1978 Reading 10.75%
YoY Change +3.25 pp
Federal Reserve
Rank #17 of 113 yrs
United States Inflation Rate (CPI YoY %)
1978 Reading 7.62%
YoY Change +1.12 pp
Bank of England
Rank #24 of 113 yrs
United Kingdom Inflation Rate (CPI YoY %)
1978 Reading 7.49%
YoY Change -7.50 pp
Federal Reserve
Rank #49 of 113 yrs
Federal Reserve Balance Sheet Total Assets (USD)
1978 Reading $157.78B
YoY Change +$11.75B
Federal Reserve
Rank #48 of 66 yrs
United States Foreign Exchange & Gold Reserves (USD)
1978 Reading $69.45B
YoY Change +$16.08B
Federal Reserve
Rank #57 of 63 yrs
US Dollar (USD) Real Effective Exchange Rate (REER)
1978 Reading 81.55
YoY Change -7.27
Central Bank Policy Rates & Real Interest Rates in 1978 (9 Monetary Authorities)
| Rank | Central Bank | Country / CCY | 1978 Policy Rate | 1978 CPI Inflation | 1978 Ex-Post Real Rate |
|---|---|---|---|---|---|
| #1 | Bank of England (BOE) | United Kingdom (GBP) | 12.50% | 7.49% | +5.01% |
| #2 | Federal Reserve (FED) | United States (USD) | 10.84% | 7.62% | +3.22% |
| #3 | Bank of Canada (BOC) | Canada (CAD) | 10.75% | 8.97% | +1.78% |
| #4 | Reserve Bank of India (RBI) | India (INR) | 9.00% | -0.21% | +9.21% |
| #5 | Reserve Bank of Australia (RBA) | Australia (AUD) | 8.28% | 7.97% | +0.31% |
| #6 | Danmarks Nationalbank (DNB) | Denmark (DKK) | 8.00% | 10.08% | -2.08% |
| #7 | Sveriges Riksbank (RIKSBANK) | Sweden (SEK) | 6.50% | 10.08% | -3.58% |
| #8 | Bank of Japan (BOJ) | Japan (JPY) | 3.50% | 4.21% | -0.71% |
| #9 | Swiss National Bank (SNB) | Switzerland (CHF) | 1.00% | 1.04% | -0.04% |
Surrounding Decade Context (1973-1983)
| Year | Fed Funds | BoE Rate | BoJ Rate | US CPI | Context |
|---|---|---|---|---|---|
| 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 |
| 1980 | 22.00% | 14.00% | 7.25% | 13.58% | Global monetary policy and central bank balance sheet ledger for 1980. |
| 1981 | 13.13% | 14.38% | 5.50% | 10.35% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1982 | 11.20% | 10.00% | 5.50% | 6.16% | Global monetary policy and central bank balance sheet ledger for 1982. |
| 1983 | 9.92% | 9.06% | 5.00% | 3.22% | Global monetary policy and central bank balance sheet ledger for 1983. |