Five of the world's largest central banks will announce interest rate decisions in the week of October 26 to November 1, 2026, according to LiteFinance's weekly economic calendar, published on October 21 by editor-in-chief Jana Kane. The Reserve Bank of New Zealand (RBNZ), the Bank of Canada (BoC) and the US Federal Reserve will all hold policy meetings on Wednesday, October 28. The European Central Bank (ECB) follows on Thursday, October 29, and the Bank of Japan (BoJ) on Friday, October 30.
The source describes the coming week as likely to be highly volatile, with the Fed decision identified as the key event of the week. All times cited below are GMT, as indicated in the calendar, and the source notes that events may be added or cancelled. The Federal Reserve decision is scheduled for 18:00 GMT on Wednesday, followed by the FOMC press conference at 18:30 GMT.
The source notes that former Fed Chair Powell had emphasized that the central bank's leadership had shifted its focus toward maintaining stability in the labor market, while stressing that rate decisions would continue to depend on current economic conditions. Amid rising US inflation, partly driven by higher oil prices, and what the source describes as the hawkish stance of most Fed officials, the calendar states that most market participants expect continued monetary tightening. The baseline expectation cited for this meeting is an unchanged rate at 4.00%.
The first press conference under new Fed Chair Kevin Warsh is therefore a major focus, as his remarks on the future path of policy could move both short-term and long-term dollar trends. The ECB will publish its decision at 13:15 GMT on Thursday, with the press conference at 13:45 GMT. The main refinancing operations rate currently stands at 2.40% and the deposit facility rate at 2.25%.
According to the source, ECB leadership has indicated that the risk balance for the euro area economic outlook remains tilted to the downside, citing the energy crisis in the EU, a high degree of uncertainty, weaker global economic activity, tighter financing conditions and the tariff dispute with the United States. At the same time, the ECB has made clear that rates would be lowered again if deflation resumes. The calendar notes that high oil prices caused by the conflict in the Middle East could push the ECB toward a more hawkish stance despite the high risk of a recession in the euro area, although a pause cannot be ruled out.
The source also recalls that after some past ECB meetings and press conferences, the euro has moved 3% to 5% within a short period. The Bank of Japan will announce its decision on Friday, with the exact time not specified in the calendar beyond the period after 03:00 GMT. Governor Kazuo Ueda's press conference is scheduled for 06:30 GMT.
The source states that Japan's benchmark rate stands at 1.25% and is expected to remain unchanged. A cut would, according to the calendar, likely weaken the yen and could support the Japanese stock market, while any hint of further rate hikes would give significant support to the currency. The source expects heightened volatility in the yen and across Asian financial markets.
The Bank of Canada will announce its decision at 13:45 GMT on Wednesday, with Governor Tiff Macklem's press conference at 14:30 GMT. The source notes that the bank cut its rate to 2.25% in October 2025 and that it is unclear what policymakers will decide, given the ongoing events in the Middle East and the sharp rise in oil prices, with a pause considered possible. A hawkish tone would support the Canadian dollar, while signals of an accommodative stance would weaken it.
The RBNZ decision is scheduled for 01:00 GMT on Wednesday. According to the calendar, the bank raised its official cash rate by 0.25% in July 2026, the first increase since November 2025, bringing it to 2.75%. After the previous hike, the New Zealand dollar fell, as investors focused less on the move itself than on the central bank's cautious comments about further tightening.
The RBNZ has argued that acting early reduces the risk of sharper hikes later, while stressing that future decisions will depend on the balance of inflation risks over the medium term. The calendar says the bank may raise rates again or keep settings unchanged for now. Several major data releases will accompany the policy decisions.
Australia's Consumer Price Index is scheduled for 00:30 GMT on Wednesday, and RBA Governor Michele Bullock is due to speak at 00:15 GMT. The source notes that the RBA's inflation target range is 2% to 3% and that the minutes of the recent Board meeting indicated that inflation risks have shifted to the upside. On Thursday at 12:30 GMT, the US will publish the preliminary estimate of third-quarter 2026 GDP along with core Personal Consumption Expenditures (PCE) data, the inflation gauge the Fed uses as its primary reference.
The source reports that US GDP grew 2.2% in the second quarter of 2026, after 2.1% in the first quarter. Japan's Tokyo CPI is scheduled for 23:30 GMT on Thursday. In Europe, German preliminary third-quarter GDP is due at 07:00 GMT on Friday, following 0.3% growth quarter on quarter in the second quarter of 2026.
The eurozone's first estimate of third-quarter GDP follows at 10:00 GMT, after 0.6% growth in the second quarter. The German preliminary HICP inflation estimate is due at 13:00 GMT on Friday, and the source characterizes the inflation picture as one in which prices remain high and occasionally accelerate, which in turn pushes the ECB toward tighter policy given recession risks. Earlier in the week, the ECB Bank Lending Survey is due at 09:00 GMT on Tuesday, and the Conference Board's US Consumer Confidence Index at 14:00 GMT the same day.
On Saturday at 01:30 GMT, China's manufacturing and non-manufacturing PMIs will be released, with readings above 50 generally considered positive for the yuan. Finally, the calendar reminds readers that the US will switch to standard time overnight from Saturday to Sunday, November 1, while Europe set its clocks back one hour the previous week. The content reflects the opinion of the author at LiteFinance and is provided for informational purposes only, not as investment advice.
Source: litefinance.org