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Global central banks are in a rate-cutting frenzy. Here are the 7 other meetings coming up this month, and what’s expected at each.

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AP/Mark Lennihan

  • The European Central Bank announced rate cuts and stimulus for the eurozone on Thursday.
  • Turkey and Denmark also slashed rates on the same day.
  • Seven more major central banks including the Federal Reserve will meet in September, meaning more rate cuts are on the table.
  • Read more on Markets Insider.

On Thursday, the European Central Bank announced a round of stimulus for the eurozone that included both a rate cut and quantitative easing.

Interest rates were slashed 10 basis points to -0.5%, the lowest level ever and the bank said it will begin purchasing 20 billion euros of bonds a month starting in November to inject money back into the economy.

It’s the first time the ECB has changed the deposit rate since 2016, a bold cut for outgoing president Mario Draghi, who will be replaced by Christine Lagarde – the former International Monetary Fund Chairman – on November 1. The move is the latest in a trend of central banks lowering rates to boost local economies.

In addition, smaller banks have also handed down rate cuts. Turkey’s central bank also surprised with a jumbo rate cut early Thursday before saying that it will begin to slow its pace of monetary easing going forward. Later in the day, Denmark also cut its interest rate to a historical low, following in the ECB’s footsteps, Bloomberg reported.

Read more: ‘Being boiled like frogs’: A Wall Street investment chief unloads on how the Fed’s behavior is actually hurting the middle class it’s supposed to be helping

However, not every central bank has handed down a rate cut this month. Earlier in September, Australia’s central bank held interest rates at a low 1%, and Canada’s held its rates at 1.75%.

But going forward, there are likely more cuts from major central banks on the horizon. After the ECB decision, all eyes are on the Federal Reserve, which meets September 18. Most investors think that the Fed will cut rates, but it remains to be seen by how much. President Trump has stepped up his bashing of the Fed and Chairman Jerome Powell, saying they should cut faster.

Trump has even gone as far to say that the US should have zero or negative interest rates, following in the footsteps of countries in Europe and Japan that have had very low and even negative rates for years.

Here are the seven central banks that have yet to meet in September, as well as what markets and investors expect them to do at upcoming meetings:


1. US Federal Reserve

Wikipedia

Next meeting: September 18

Current interest rate: 2.25%

What happened at the last meeting: The Fed cut rates by 25 basis points in July

What’s expected at the next meeting: Consensus is for another 25 basis point cut


2. Swiss National Bank

Wikimedia Commons

Next meeting: September 19

Current interest rate: -0.75%

What happened at the last meeting: The Swiss National Bank held rates steady

What’s expected at the next meeting: Unclear. While the bank has held rates for some time, pressure from the Fed and ECB could lead to another rate cut, Reuters reported.


3. Bank of England

Jim Edwards

Next meeting: September 19

Current interest rate: 0.75%

What happened at the last meeting: The Bank of England held rates steady

What’s expected at the next meeting: It depends. The bank has held rates steady for years, but a no-deal Brexit could change its course.


4. Norges, central bank of Norway

Next meeting: September 19

Current interest rate: 1.25%

What happened at the last meeting: The bank held rates steady, pausing a cycle of rate hikes because of global uncertainty.

What’s expected at the next meeting: The bank signaled that a hike is likely in September, but beyond that they will wait and see, Reuters reported.


5. Bank of Japan

Wikimedia Commons

Next meeting: September 19

Current interest rate: -0.1%

What happened at the last meeting: The BOJ left interest rates unchanged in July.

What’s expected at the next meeting: The BOJ is likely to continue to hold rates steady.


6. Reserve Bank of New Zealand

Hagen Hopkins/Getty Images

Next meeting: September 24

Current interest rate: 1%

What happened at the last meeting: The bank surprised investors with a 50 basis point cut

What’s expected at the next meeting: It’s unclear after last month’s surprise cut. That and a 25 basis point cut in May broke a pause that began in February 2017.


7. Bank of Mexico, Banxico

Diego Grandi/Shutterstock

Next meeting: September 26

Current interest rate: 8%

What happened at the last meeting: Banxico announced its first cut since June 2014 at its la ust meeting in August.

What’s expected at the next meeting: The bank is likely to cut further, the Wall Street Journal reported.


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