Global Interest Rates & Central Bank Statistics in 1981
Volcker disinflation peak pushes benchmark policy rates to postwar highs Inspect 11 headline monetary indicators and 10 reporting central bank policy rates recorded in 1981.
Headline Monetary Indicators in 1981
Federal Reserve
Rank #3 of 73 yrs
Federal Funds Effective Rate (United States)
1981 Reading 13.13%
YoY Change -8.87 pp
Bank of England
Rank #3 of 81 yrs
Bank of England Official Base Rate (United Kingdom)
1981 Reading 14.38%
YoY Change +0.38 pp
Bank of Japan
Rank #26 of 75 yrs
Bank of Japan Policy Interest Rate (Japan)
1981 Reading 5.50%
YoY Change -1.75 pp
Reserve Bank of Australia
Rank #3 of 51 yrs
RBA Cash Rate Target (Australia)
1981 Reading 14.75%
YoY Change +2.25 pp
Swiss National Bank
Rank #2 of 81 yrs
Swiss National Bank Policy Interest Rate (Switzerland)
1981 Reading 6.00%
YoY Change +3.00 pp
Bank of Canada
Rank #2 of 67 yrs
Bank of Canada Target Overnight Rate (Canada)
1981 Reading 14.66%
YoY Change -2.60 pp
Federal Reserve
Rank #10 of 113 yrs
United States Inflation Rate (CPI YoY %)
1981 Reading 10.35%
YoY Change -3.23 pp
Bank of England
Rank #12 of 113 yrs
United Kingdom Inflation Rate (CPI YoY %)
1981 Reading 11.82%
YoY Change -3.41 pp
Federal Reserve
Rank #46 of 113 yrs
Federal Reserve Balance Sheet Total Assets (USD)
1981 Reading $178.23B
YoY Change +$9.48B
Federal Reserve
Rank #44 of 66 yrs
United States Foreign Exchange & Gold Reserves (USD)
1981 Reading $123.91B
YoY Change $-47.50B
Federal Reserve
Rank #40 of 63 yrs
US Dollar (USD) Real Effective Exchange Rate (REER)
1981 Reading 89.64
YoY Change +5.65
Central Bank Policy Rates & Real Interest Rates in 1981 (10 Monetary Authorities)
| Rank | Central Bank | Country / CCY | 1981 Policy Rate | 1981 CPI Inflation | 1981 Ex-Post Real Rate |
|---|---|---|---|---|---|
| #1 | Reserve Bank of Australia (RBA) | Australia (AUD) | 14.75% | 9.59% | +5.16% |
| #2 | Bank of Canada (BOC) | Canada (CAD) | 14.66% | 12.47% | +2.19% |
| #3 | Bank of England (BOE) | United Kingdom (GBP) | 14.38% | 11.82% | +2.56% |
| #4 | South African Reserve Bank (SARB) | South Africa (ZAR) | 13.50% | 15.28% | -1.78% |
| #5 | Federal Reserve (FED) | United States (USD) | 13.13% | 10.35% | +2.78% |
| #6 | Sveriges Riksbank (RIKSBANK) | Sweden (SEK) | 11.00% | 12.13% | -1.13% |
| #7 | Danmarks Nationalbank (DNB) | Denmark (DKK) | 11.00% | 11.70% | -0.70% |
| #8 | Reserve Bank of India (RBI) | India (INR) | 10.00% | 12.41% | -2.41% |
| #9 | Swiss National Bank (SNB) | Switzerland (CHF) | 6.00% | 6.48% | -0.48% |
| #10 | Bank of Japan (BOJ) | Japan (JPY) | 5.50% | 4.92% | +0.58% |
Surrounding Decade Context (1976-1986)
| Year | Fed Funds | BoE Rate | BoJ Rate | US CPI | Context |
|---|---|---|---|---|---|
| 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. |
| 1984 | 8.74% | 9.50% | 5.00% | 4.30% | Global monetary policy and central bank balance sheet ledger for 1984. |
| 1985 | 7.75% | 11.38% | 5.00% | 3.55% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1986 | 5.88% | 10.88% | 3.00% | 1.91% | Global monetary policy and central bank balance sheet ledger for 1986. |