Five Major Central Banks Face Rate Decisions as Elevated Oil Prices Keep Inflation Risks in Focus

The Fed, Bank of Canada, Reserve Bank of New Zealand, ECB and Bank of Japan all decide this week, with oil-driven inflation limiting room to ease.

Not investment advice: this article is for information only.

Chanan Zevin - Chief Editor and Head of Desks

Published 26 October 2026 at 13:22 GMT+3

AI-generated image of a neoclassical central bank facade — AI-generated image: AI-generated image (illustrative, not a photograph of the events or places described)

The calendar

Newsquawk's week-ahead lists policy decisions from the FOMC, Bank of Canada, RBNZ, ECB and Bank of Japan, plus U.S. PCE data. Euronews reported the Fed decides on Wednesday, the ECB on Thursday and the BoJ on Friday.

Expectations

BBH's weekly outlook and Newsquawk point to a Fed hold at 3.75% to 4.00%, an ECB hold and a BoJ hold. Saxo said the Fed and ECB are likely to signal possible December hikes.

The oil problem

Reuters, via Euronext, said the inflationary pulse from oil is likely to alarm all the central banks meeting this week, with hikes seen as a matter of time even if some hold for now.

Sources

Newsquawk, 'Week in Focus 26-30th October 2026: FOMC, BoC, RBNZ, ECB, BoJ Policy Decisions, US PCE' · newsquawk.com
BBH, 'Drivers for the Week of October 26, 2026' · bbh.com
Saxo, 'Market Quick Take - Big week ahead as FOMC ECB and BoJ all to meet - 26 October 2026' · home.saxo
Reuters via Euronext, 'Asian shares make cautious start, Brent eases from six-month high', 26 October 2026 · live.euronext.com