As of May 2025

Amid global economic uncertainties, softening inflation trends, and geopolitical pressures, several of the world’s leading central banks are currently pursuing accommodative monetary policies. Here’s a rundown of the stance of the top 10:

1. European Central Bank (ECB)

The ECB has cut interest rates multiple times since mid-2024 and is expected to lower the deposit rate to around 1.75% by summer 2025. The moves are aimed at boosting growth and guiding inflation back toward the 2% target. Officials including Pierre Wunsch and François Villeroy de Galhau have signaled openness to further rate cuts.
Source: Reuters

2. U.S. Federal Reserve (Fed)

The Fed is currently holding its benchmark rate at 4.25%–4.50%, but policymakers have indicated potential rate cuts later this year if inflation continues to ease or growth slows. At the same time, the Fed is reassessing its broader strategy to respond more flexibly to future economic challenges.
Source: Wall Street Journal, MarketWatch

3. Bank of England (BoE)

The BoE recently cut its policy rate by 25 basis points to 4.25%, marking a two-year low. The decision reflects softening inflation and concerns over subdued economic momentum. More easing may be on the table depending on incoming data.
Source: The Times (UK)

4. Bank of Japan (BoJ)

While the BoJ lifted rates slightly in early 2024 for the first time in years, its overall stance remains accommodative. Inflation remains moderate, and the BoJ continues to support the economy through a loose policy framework.
Source: CFI.co

5. People’s Bank of China (PBoC)

China’s central bank is actively easing policy to spur economic growth. Recent steps include rate cuts, reserve requirement reductions, and targeted liquidity measures aimed at specific sectors.
Source: ING Think

6. Swiss National Bank (SNB)

The SNB has lowered rates several times since March 2024, most recently to 0.25%. The moves aim to counter a strong Swiss franc and persistently low inflation.
Source: CFI.co

7. Reserve Bank of Australia (RBA)

The RBA has held its cash rate steady at 4.10% but is expected to begin easing later in 2025, contingent on economic data. Market participants anticipate up to three cuts this year.
Source: RBA

8. Bank of Canada (BoC)

The BoC is maintaining its policy rate at 4.50% for now but has signaled it is open to rate cuts if inflation slows further and economic growth weakens.
Source: RBA, commentary

9. Sveriges Riksbank (Sweden)

Sweden’s central bank has already reduced its key rate from 4.00% to 2.50% since mid-2024 to support economic activity. Further cuts are possible depending on inflation trends.
Source: CPR Asset Management

10. Norges Bank (Norway)

Norway’s central bank is currently holding rates at 4.50% but has flagged a likely rate cut in early 2025, should macroeconomic conditions allow.
Source: CPR Asset Management

Bottom Line

Of the top 10 global central banks, the ECB, BoE, BoJ, PBoC, SNB, RBA, BoC, Riksbank, and Norges Bank are currently easing or maintaining accommodative stances. The Fed remains cautious but is open to loosening policy if the inflation trajectory and growth outlook warrant it. These trends reflect a broader global effort to stabilize growth while managing inflation within target ranges.