Below is a summary table of the top central banks, their rate cuts over the past year, and their projected next moves, followed by a detailed analysis of each bank’s stance and the factors driving their policies. Dovishness, in this context, reflects a central bank’s tendency to ease monetary policy—typically through interest rate cuts—to stimulate economic growth.
Summary Table: Central Bank Dovishness Rankings
Detailed Analysis of Central Banks’ Positions and Projected Moves
- Bank of Canada (BoC)
- Current Position: The BoC has aggressively cut rates by 200 basis points (bps) over the past 12 months, bringing its policy rate to 3.0% as of January 29, 2025, reflecting a shift from inflation suppression to supporting a sluggish economy.
- Projected Move: Another 25 bps cut is likely at the next meeting on March 12, 2025, to bolster growth, though U.S. tariff threats could pressure inflation higher, potentially prompting a pause if inflationary pressures intensify.
- Swiss National Bank (SNB)
- Current Position: The SNB has cut rates by 125 bps over the past 12 months, lowering its policy rate to 0.5%, driven by low inflation.
- Projected Move: Another 25 bps cut is anticipated in mid-2025, likely in June, unless unexpected inflationary pressures or currency stabilization alters the outlook.
*Click on the button above to view the complete report
