Global Interest Rates & Central Bank Statistics in 2008
Global Financial Crisis drives major central banks to the zero lower bound and QE1 Inspect 12 headline monetary indicators and 20 reporting central bank policy rates recorded in 2008.
Headline Monetary Indicators in 2008
Federal Reserve
Rank #65 of 73 yrs
Federal Funds Effective Rate (United States)
2008 Reading 0.12%
YoY Change -4.13 pp
European Central Bank
Rank #9 of 28 yrs
ECB Main Policy Interest Rate (Euro Area)
2008 Reading 2.50%
YoY Change -1.50 pp
Bank of England
Rank #63 of 81 yrs
Bank of England Official Base Rate (United Kingdom)
2008 Reading 2.00%
YoY Change -3.50 pp
Bank of Japan
Rank #62 of 75 yrs
Bank of Japan Policy Interest Rate (Japan)
2008 Reading 0.10%
YoY Change -0.40 pp
Reserve Bank of Australia
Rank #36 of 51 yrs
RBA Cash Rate Target (Australia)
2008 Reading 4.25%
YoY Change -2.50 pp
Swiss National Bank
Rank #63 of 81 yrs
Swiss National Bank Policy Interest Rate (Switzerland)
2008 Reading 0.50%
YoY Change -2.25 pp
Bank of Canada
Rank #56 of 67 yrs
Bank of Canada Target Overnight Rate (Canada)
2008 Reading 1.50%
YoY Change -2.75 pp
Federal Reserve
Rank #35 of 113 yrs
United States Inflation Rate (CPI YoY %)
2008 Reading 3.85%
YoY Change +1.00 pp
Bank of England
Rank #48 of 113 yrs
United Kingdom Inflation Rate (CPI YoY %)
2008 Reading 3.59%
YoY Change +1.27 pp
Federal Reserve
Rank #18 of 113 yrs
Federal Reserve Balance Sheet Total Assets (USD)
2008 Reading $2,239.46B
YoY Change +$1,348.80B
Federal Reserve
Rank #18 of 66 yrs
United States Foreign Exchange & Gold Reserves (USD)
2008 Reading $294.05B
YoY Change +$16.50B
Federal Reserve
Rank #49 of 63 yrs
US Dollar (USD) Real Effective Exchange Rate (REER)
2008 Reading 84.59
YoY Change -3.92
Central Bank Policy Rates & Real Interest Rates in 2008 (20 Monetary Authorities)
| Rank | Central Bank | Country / CCY | 2008 Policy Rate | 2008 CPI Inflation | 2008 Ex-Post Real Rate |
|---|---|---|---|---|---|
| #1 | Central Bank of Brazil (BCB) | Brazil (BRL) | 13.75% | 5.67% | +8.08% |
| #2 | South African Reserve Bank (SARB) | South Africa (ZAR) | 11.50% | 10.96% | +0.54% |
| #3 | Bank Indonesia (BI) | Indonesia (IDR) | 9.25% | 11.09% | -1.84% |
| #4 | Bank of Mexico (BANXICO) | Mexico (MXN) | 8.25% | 5.12% | +3.13% |
| #5 | Central Bank of Chile (BCCH) | Chile (CLP) | 8.25% | 8.71% | -0.46% |
| #6 | Reserve Bank of India (RBI) | India (INR) | 6.50% | 8.66% | -2.16% |
| #7 | People's Bank of China (PBOC) | China (CNY) | 5.31% | 5.97% | -0.66% |
| #8 | Reserve Bank of New Zealand (RBNZ) | New Zealand (NZD) | 5.00% | 3.96% | +1.04% |
| #9 | National Bank of Poland (NBP) | Poland (PLN) | 5.00% | 4.35% | +0.65% |
| #10 | Reserve Bank of Australia (RBA) | Australia (AUD) | 4.25% | 4.34% | -0.09% |
| #11 | Danmarks Nationalbank (DNB) | Denmark (DKK) | 3.75% | 3.41% | +0.34% |
| #12 | Norges Bank (NORGES) | Norway (NOK) | 3.00% | 3.75% | -0.75% |
| #13 | Bank of Korea (BOK) | South Korea (KRW) | 3.00% | 4.67% | -1.67% |
| #14 | European Central Bank (ECB) | Euro Area (EUR) | 2.50% | 3.28% | -0.78% |
| #15 | Bank of England (BOE) | United Kingdom (GBP) | 2.00% | 3.59% | -1.59% |
| #16 | Sveriges Riksbank (RIKSBANK) | Sweden (SEK) | 2.00% | 3.44% | -1.44% |
| #17 | Bank of Canada (BOC) | Canada (CAD) | 1.50% | 2.37% | -0.87% |
| #18 | Swiss National Bank (SNB) | Switzerland (CHF) | 0.50% | 2.43% | -1.93% |
| #19 | Federal Reserve (FED) | United States (USD) | 0.12% | 3.85% | -3.73% |
| #20 | Bank of Japan (BOJ) | Japan (JPY) | 0.10% | 1.39% | -1.29% |
Surrounding Decade Context (2003-2013)
| Year | Fed Funds | BoE Rate | BoJ Rate | US CPI | Context |
|---|---|---|---|---|---|
| 2003 | 1.00% | 3.75% | -% | 2.27% | Global monetary policy and central bank balance sheet ledger for 2003. |
| 2004 | 2.25% | 4.75% | -% | 2.68% | Global monetary policy and central bank balance sheet ledger for 2004. |
| 2005 | 4.25% | 4.50% | -% | 3.39% | Global monetary policy and central bank balance sheet ledger for 2005. |
| 2006 | 5.25% | 5.00% | 0.25% | 3.24% | Global monetary policy and central bank balance sheet ledger for 2006. |
| 2007 | 4.25% | 5.50% | 0.50% | 2.85% | Global monetary policy and central bank balance sheet ledger for 2007. |
| 2008 | 0.12% | 2.00% | 0.10% | 3.85% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2009 | 0.12% | 0.50% | 0.10% | -0.34% | Global monetary policy and central bank balance sheet ledger for 2009. |
| 2010 | 0.12% | 0.50% | 0.05% | 1.64% | Global monetary policy and central bank balance sheet ledger for 2010. |
| 2011 | 0.12% | 0.50% | 0.05% | 3.15% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2012 | 0.12% | 0.50% | 0.05% | 2.07% | Global monetary policy and central bank balance sheet ledger for 2012. |
| 2013 | 0.12% | 0.50% | 0.05% | 1.46% | Global monetary policy and central bank balance sheet ledger for 2013. |