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Banques centrales et taux d'intérêt : le premier moteur
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Central banks use the policy interest rate to keep prices stable. The Fed has a dual mandate (maximum employment and stable prices) and judges 2% inflation over the longer run as most consistent with it; the ECB aims for 2% over the medium term and the Bank of England has a 2% target.
- Interest-rate differentials are a key driver of exchange rates.
- The FOMC holds eight scheduled meetings a year; statements, press conferences and forward guidance can move markets more than the decision itself.
- Hawk = leans to tighter policy; dove = leans to easier policy. Every currency pair has two central banks.
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Trois questions. Choisissez une réponse pour voir pourquoi.
1.How many regularly scheduled meetings does the FOMC hold each year?
2.USD rates are 4% and EUR rates 2% (example). If the gap widens in the dollar's favour, what may happen?
3.The Fed holds rates as expected but signals cuts may come soon. This signal is called…
Sources
Chaque fait de cette leçon s'appuie sur les sources ci-dessous.
- 1.Federal Reserve – What is the FOMC and when does it meet?The FOMC is the Fed's monetary policymaking body, has 12 members and holds eight regularly scheduled meetings per year (about every six weeks)
- 2.Federal Reserve – Governor Cook speech, 25 March 2024 (dual mandate, 2% goal)The Fed's mandate is maximum employment and stable prices (dual mandate); 2% inflation over the longer run is judged most consistent with it
- 3.ECB – Monetary policy strategyECB aims for 2% inflation over the medium term; the target is symmetric
- 4.Bank of England – Monetary Policy Report, August 2025The MPC sets monetary policy to meet the 2% inflation target
- 5.Reserve Bank of Australia – Drivers of the Australian Dollar Exchange RateThe interest-rate differential is a key driver of demand for a currency; lower domestic rates contribute to a lower exchange rate
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