Welcome to this week’s Enduring Markets’ Sunday Newsletter, providing a look ahead at the crucial interest rate decisions from central banks across the globe.

We’ve compiled the schedule and a brief summary of the official press releases from each MPC’s most recent policy meetings.

Tuesday, April 28, 2026

Japan: Bank of Japan (BOJ)

• Previous Decision: Hold (March 19, 2026)

• Key Rate: 0.75% (Uncollateralized Overnight Call Rate)

• Summary: The BOJ maintained its policy rate at 0.75% during its March meeting. After steadily normalizing policy throughout 2025, policymakers opted to wait and thoroughly evaluate the results of the spring Shunto wage negotiations to ensure that a “virtuous cycle” of rising wages and prices is firmly embedded in the domestic economy before making further adjustments.

• Latest Press Release: Statement on Monetary Policy

• Schedule Verification: Confirmed. The BOJ will conclude its two-day Monetary Policy Meeting on Tuesday, April 28, 2026, with the rate decision and Outlook Report released during the Asian trading session.

Wednesday, April 29, 2026

Canada: Bank of Canada (BoC)

• Previous Decision: Hold (March 18, 2026)

• Key Rate: 2.25% (Overnight Rate)

• Summary: The Bank of Canada held its benchmark rate steady at 2.25%, maintaining its pause after concluding an aggressive easing cycle in late 2025. The Governing Council noted that while core inflation metrics have shown reassuring softness, a recent uptick in headline inflation (driven by global energy prices) justified a cautious, wait-and-see approach.

• Latest Press Release: Bank of Canada Interest Rate Announcement

• Schedule Verification: Confirmed. The Bank of Canada will announce its interest rate decision and publish its Monetary Policy Report on Wednesday, April 29, 2026, at 9:45 AM EDT.

USA: Federal Reserve (FED)

• Previous Decision: Hold (March 18, 2026)

• Key Rate: 3.50% – 3.75% (Federal Funds Rate Target Range)

• Summary: The FOMC kept the target range for the federal funds rate unchanged at its March meeting. Policymakers emphasized that economic activity remains solid and the labor market is stable. However, with the “last mile” of disinflation proving bumpy and global energy prices ticking up, the Fed remains data-dependent and has signaled that rate cuts are not guaranteed without further evidence of sustainable convergence to the 2% target.

• Latest Press Release: Federal Reserve Board - Press Releases

• Schedule Verification: Confirmed. The FOMC’s two-day meeting will conclude on Wednesday, April 29, 2026, with the policy statement released at 2:00 PM EDT, followed by Chair Powell’s press conference.

Thursday, April 30, 2026

Eurozone: European Central Bank (ECB)

• Previous Decision: Hold (March 19, 2026)

• Key Rate: 2.00% (Deposit Facility Rate)

• Summary: The ECB Governing Council kept its main interest rates unchanged, leaving the deposit rate at 2.00%. The decision followed a prolonged cycle of rate cuts throughout 2024 and 2025. The ECB specifically cited geopolitical conflicts in the Middle East and the resulting upward pressure on near-term inflation as primary reasons to pause and evaluate incoming economic data before further easing.

• Latest Press Release: Monetary policy decisions

• Schedule Verification: Confirmed. The ECB Governing Council will hold its monetary policy meeting, followed by the rate announcement and press conference, on Thursday, April 30, 2026, in Frankfurt.

United Kingdom: Bank of England (BoE)

• Previous Decision: Hold (March 19, 2026)

• Key Rate: 3.75% (Bank Rate)

• Summary: In a unanimous 9–0 vote, the Monetary Policy Committee held the Bank Rate at 3.75%. The Bank of England noted that while rates have been cut significantly from their 5.25% peak, the recent surge in global energy and commodity prices has increased the risk of higher near-term inflation. The MPC is taking a meeting-by-meeting approach to ensure inflation remains anchored.

• Latest Press Release: Monetary Policy Summary and minutes

• Schedule Verification: Confirmed. The BoE will announce its interest rate decision, publish the meeting minutes, and release its Monetary Policy Report on Thursday, April 30, 2026, at 12:00 PM BST.

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Welcome to this week’s Enduring Markets’ Sunday Newsletter, providing a look ahead at the crucial interest rate decisions from central banks across the globe.

We’ve compiled the schedule and a brief summary of the official press releases from each MPC’s most recent policy meetings.

Wednesday, April 8, 2026

New Zealand: Reserve Bank of New Zealand (RBNZ)

• Previous Decision: Hold (February 18, 2026)

• Key Rate: 2.25% (Official Cash Rate - OCR)

• Summary: In its first meeting of the year, the RBNZ Monetary Policy Committee decided to keep the OCR on hold at 2.25%, following an aggressive cycle of nine consecutive rate cuts since August 2024. The Committee noted that while inflation temporarily strayed outside the 1–3% target band in late 2025, it is expected to have returned to the target range in Q1 2026 and should settle near the 2% midpoint over the next year. The RBNZ observed that economic activity is picking up, supported by the lower interest rate environment and strong export prices, and expects unemployment to decline.

• Latest Press Release: Monetary Policy Decisions & Statements

• Schedule: The RBNZ is officially scheduled to release its Monetary Policy Review and OCR decision on Wednesday, April 8, 2026, at 2:00 PM (NZST). Notably, the RBNZ is expanding its communications approach for this meeting; while it is an interim “Review” rather than a full “Statement,” the Bank will hold an online media conference at 3:00 PM to discuss the decision.

Thursday, April 9, 2026

Poland: National Bank of Poland (NBP)

• Previous Decision: Cut by 25 bps (March 4, 2026)

• Key Rate: 3.75% (Reference Rate)

• Summary: Following a two-month pause, the NBP Monetary Policy Council resumed its easing cycle in March, reducing the reference rate by 25 basis points to 3.75%. The cut was driven by favorable preliminary data showing inflation dropped further to 2.2% in January, sitting comfortably near the 2.5% target midpoint. The Council reviewed the new March projections, which suggest a 50% probability that inflation will remain between 1.6% and 2.9% throughout 2026. The NBP deemed it appropriate to lower rates to support a sustainable economic expansion while price pressures remain constrained.

• Latest Press Release: Information from the meeting of the Monetary Policy Council

• Schedule: The NBP’s Monetary Policy Council will hold a two-day meeting on April 8–9, 2026. Following their standard schedule, the interest rate decision will be announced in the afternoon on Thursday, April 9.

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On March 26, 2026, Banco de México’s Governing Board announced a decision to lower the target for the overnight interbank interest rate by 25 basis points to 6.75%, effective the following day. The move, determined by a majority vote, reflects the central bank’s evaluation of the current inflationary outlook, significant domestic economic weakness observed at the start of 2026, and a highly volatile international environment.

The Voting Breakdown

The decision to continue the rate-cutting cycle was supported by Victoria Rodríguez, Gabriel Cuadra, and Omar Mejía. In contrast, board members Galia Borja and Jonathan Heath dissented, voting to maintain the rate at 7.00%.

Inflation Trends and Forecasts

The rate cut occurs alongside a complex inflationary landscape. Headline inflation recently increased from 3.77% in the first half of January to 4.63% in the first half of March 2026, largely due to pressures in its non-core component. Core inflation, however, remained virtually unchanged at 4.46% during the same period. Due to a higher trajectory for non-core inflation and a more gradual decline in services inflation than initially anticipated, the central bank revised its headline and core inflation forecasts upwards for the first three quarters of 2026. Despite these short-term adjustments, Banco de México continues to project that headline inflation will converge to its 3% target by the second quarter of 2027.

Domestic Weakness and Global Volatility

In making its decision, the Governing Board weighed Mexico’s sluggish economic activity alongside a slight depreciation of the Mexican peso and an increase in medium- and long-term government interest rates. On a global scale, while economic growth for the first quarter of 2026 is expected to outpace the previous quarter, the outlook is heavily clouded by the ongoing Middle Eastern conflict. This geopolitical tension has triggered volatility in international financial markets, dampened risk appetite, raised commodity prices, and led to the US dollar's appreciation.

Risks and Future Monetary Policy

The central bank explicitly noted that the risks to the inflation trajectory remain biased to the upside. Major upside risks include potential disruptions from foreign trade policies or geopolitical conflicts, persistent core inflation, cost pressures, and potential climate-related impacts. Downside risks, on the other hand, involve lower-than-expected economic activity in either the US or Mexico and reduced pressures from the national currency’s appreciation observed since last year.

Moving forward, the Board will closely monitor both domestic macroeconomic conditions and external factors to evaluate the timing of any further rate cuts, reaffirming its primary mandate to consolidate low and stable inflation and achieve its 3% target.

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On March 25, 2026, Norges Bank’s Monetary and Financial Stability Committee announced its decision to maintain the current policy rate at 4%. Despite the temporary pause, Governor Ida Wolden Bache indicated that future rate hikes are likely, given persistent inflation and heightened geopolitical instability.

The Inflation Challenge

The central bank continues to grapple with inflation that has persistently remained above its 2% target for several years. Recent data show inflation is markedly higher than previously projected, a trend expected to be exacerbated by stronger-than-expected wage growth this year. While a recently appreciated krone is expected to help dampen the cost of imported goods, the Committee emphasized that the job of tackling inflation is not yet fully completed. Officials warned that prolonged high inflation could lead households and firms to anticipate greater inflation persistence, potentially causing it to become entrenched in the economy.

Global Uncertainty and Market Volatility

Complicating Norway’s domestic economic picture is the ongoing war in the Middle East, which has introduced significant volatility into global energy and financial markets. Sharp increases in oil and gas prices threaten to reduce global growth while simultaneously pushing inflation higher, both in Norway and abroad. Because the uncertainty surrounding these energy prices is unusually elevated, and underlying inflation pressures remain difficult to assess, the Committee opted to hold the rate steady at this meeting to await further data.

Future Outlook and Economic Impact

Looking ahead, the policy rate forecast has been revised upwards since December. Current projections indicate that the policy rate will likely increase to 4¼%-4½% by the end of 2026. Norges Bank anticipates that this tighter monetary stance will gradually cool the economy, leading registered unemployment to edge slightly higher to pre-pandemic levels. If the economy evolves as forecasted, this strategy is expected to return inflation to the 2.0% target by 2029.

Effective March 27, 2026, the rates stand as follows:

• Policy rate: 4.0%

• Overnight lending rate: 5.0%

• Reserve rate: 3.0%

The future path of the policy rate will heavily depend on evolving economic and geopolitical developments. Norges Bank remains prepared to pivot: if energy prices remain elevated and push inflation higher, further rate increases may be required, whereas a faster decline in inflation or a weakening labor market could result in a policy rate below the envisaged level.

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On March 19, 2026, the Swiss National Bank (SNB) announced that it would keep the policy rate unchanged at 0%. Under this policy, banks’ sight deposits held at the SNB are remunerated at the policy rate up to a specific threshold, with a 0.25 percentage point discount applied to deposits that exceed that limit.

Foreign Exchange and Geopolitical Pressures

A major factor influencing current monetary policy is the escalating conflict in the Middle East. In response to this uncertainty, the SNB has increased its willingness to intervene in the foreign exchange market. This strategy is explicitly designed to counter a rapid and excessive appreciation of the Swiss franc, a scenario that would jeopardize the country’s price stability.

Inflation Trends and Forecasts

Observed inflation ticked up slightly from 0.0% in November to 0.1% in February, driven primarily by higher goods inflation. Looking ahead, the short-term conditional inflation forecast has been revised upward since December due to rising energy prices linked to the escalation in the Middle East.

Despite this short-term pressure, medium-term inflationary pressure remains virtually unchanged. In fact, the medium-term forecast is slightly lower than previously expected due to the dampening effect of a stronger Swiss franc. Assuming the policy rate remains at 0%, the SNB projects that inflation will remain safely within the range of price stability, forecasting average annual inflation at 0.5% for 2026, 0.5% for 2027, and 0.6% for 2028.

Economic Growth and Future Outlook

Domestically, the Swiss economy showed resilience recently; GDP returned to growth in the fourth quarter following a previous contraction, and unemployment rates in February remained stable. Looking ahead, the SNB expects Swiss economic growth to be around 1% in 2026, rising to approximately 1.5% in 2027. While shorter-term growth may be somewhat subdued, the bank anticipates a medium-term upturn.

Key Risks to the Global and Swiss Economy

The global economic outlook is currently subject to significant risks. Although global growth was solid in the fourth quarter and key interest rates were left unchanged in major currency areas, the situation in the Middle East remains the primary risk to global and Swiss economic activity. The SNB warned that unexpected spikes in energy prices could substantially constrain economic growth and further drive up inflation across many countries. Additionally, the broader economy faces potential headwinds from supply chain disruptions and ongoing trade policy uncertainties.

In light of these conditions, the SNB noted that its current monetary policy effectively supports economic development while keeping inflation in check. The bank reiterated its commitment to closely monitoring the situation and adjusting its monetary policy as necessary to ensure price stability over the medium term.

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On March 19, 2026, the Executive Board of Sveriges Riksbank announced its decision to hold the policy rate unchanged at 1.75 per cent. The central bank expects the rate to remain at this level for the foreseeable future, though it emphasized that the ongoing war in the Middle East has introduced significant uncertainty into its economic forecasts.

Key Points:

• Policy Rate Remains Unchanged: The Executive Board concluded that maintaining the policy rate at 1.75 per cent represents a well-balanced monetary policy. This approach aims to strengthen the Swedish economy while guiding underlying inflation toward the target.

• Geopolitical and Market Impacts: The conflict in the Middle East has driven major movements in energy prices and financial markets, leading to higher short-term interest rates and a stronger US dollar, which has appreciated against the Swedish krona.

• Domestic Economic Outlook: Fundamentally, Sweden has favorable conditions for continued economic recovery. Recent data indicate that underlying inflation has been unexpectedly low. However, the central bank expects the Middle East war to slightly dampen near-term growth and temporarily push up CPIF inflation due to rising energy costs.

• Inflation Timeline: The Riksbank expects underlying inflation to align with its 2 per cent target around the turn of the year. Overall CPIF inflation is projected to officially hit the target in 2029, once the temporary shocks from energy prices and VAT adjustments fade.

• Vigilance and Future Adjustments: The Riksbank is closely monitoring developments and remains prepared to adjust the policy rate if the economic or inflationary outlook shifts.

Alternative Scenarios

While the Riksbank’s main scenario assumes the war will have only a moderate effect on inflation and recovery, it has prepared for two distinct alternative outcomes:

1. Higher Inflation: If the war causes a more severe and persistent rise in global inflation, the Riksbank warns it would have to raise the policy rate, even if it results in significantly lower economic activity.

2. Lower Demand: Alternatively, if the negative impacts on global demand are substantial and inflationary pressures weaken, the central bank would cut the policy rate to stimulate demand and stabilize inflation.

To address these developments, Riksbank Governor Erik Thedéen and Head of the Monetary Policy Department, Åsa Olli Segendorf, scheduled a press conference for the morning of March 19, 2026.

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On March 19, 2026, the European Central Bank (ECB) Governing Council announced its decision to keep its three key interest rates unchanged, underscoring its determination to stabilize inflation at its 2% target in the medium term. The policy decision comes at a time when the war in the Middle East has significantly increased economic uncertainty, creating upside risks for inflation while posing downside risks to economic growth.

Key Interest Rates and Monetary Tools

The ECB’s benchmark rates will remain steady:

• Deposit facility: 2.00%

• Main refinancing operations: 2.15%

• Marginal lending facility: 2.40%

Additionally, the ECB’s Asset Purchase Programme (APP) and Pandemic Emergency Purchase Programme (PEPP) portfolios are declining at a predictable pace, as the Eurosystem no longer reinvests principal payments from maturing securities. The ECB also noted that its Transmission Protection Instrument remains available to counter any unwarranted, disorderly market dynamics that could threaten the smooth transmission of monetary policy across the euro area.

Revised Economic Projections

The latest ECB staff projections exceptionally included data up to March 11, resulting in notable revisions compared to the December forecasts. The ongoing conflict in the Middle East and its impact on energy prices heavily influenced these updates.

• Inflation Outlook: Headline inflation has been revised upward, particularly for 2026, due to higher energy costs. It is now projected to average 2.6% in 2026, drop to 2.0% in 2027, and tick up to 2.1% in 2028. Core inflation (excluding energy and food) is expected to average 2.3% in 2026, 2.2% in 2027, and 2.1% in 2028.

• Growth Outlook: Economic growth forecasts have been revised downward, especially for 2026, reflecting the global toll the war is taking on commodity markets, real incomes, and consumer confidence. Growth is expected to average 0.9% in 2026, recovering to 1.3% in 2027 and 1.4% in 2028. Despite the downgrade, the ECB noted that low unemployment, robust private sector balance sheets, and public spending on defense and infrastructure will continue to support economic growth.

Geopolitical Risks and Alternative Scenarios

Because energy prices heavily dictate consumer prices and the broader economy, the ECB assessed alternative illustrative scenarios regarding the Middle East conflict. The analysis indicates that a prolonged disruption in the supply of oil and gas would result in inflation rising above and growth falling below the current baseline projections. Ultimately, the medium-term economic impact will depend heavily on the conflict’s intensity and duration, as well as the magnitude of “second-round effects” from a persistent energy shock.

A Data-Dependent Future Strategy

Despite the uncertainty, the ECB emphasized that it is well-positioned to navigate the current climate. Longer-term inflation expectations remain well anchored, and the economy has displayed resilience in recent quarters.

Going forward, the Governing Council announced it will rely on a “data-dependent and meeting-by-meeting approach” to set the appropriate monetary policy. The ECB explicitly stated that it is not pre-committing to a particular rate path. Future interest rate decisions will be guided by incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission.

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On March 18, 2026, the Bank of England’s Monetary Policy Committee (MPC) voted unanimously to maintain the Bank Rate at 3.75%. The decision marks a critical pivot for the central bank, driven by a sudden global energy shock sparked by escalating conflict in the Middle East that has disrupted the UK’s recent disinflationary progress.

Global Conflict Triggers Commodity Shock

The primary catalyst for the MPC’s decision is the recent outbreak of conflict involving Israel, the United States, and Iran, which has targeted energy infrastructure and severely impacted shipping through the Strait of Hormuz. Because around one-fifth of global oil and liquefied natural gas flows through this strait, the disruption has led to a sharp rise in both the level and volatility of energy prices.

In the run-up to the March meeting, Brent crude spot prices surged to over $100 per barrel—a 60% increase since February and the highest level seen since 2022. European wholesale gas prices similarly jumped by 60% to over €50 per MWh. The conflict has also placed upward pressure on other essential commodities, including fertilizer and neon gas.

Inflation Rebound Delays 2% Target

Prior to these geopolitical events, the UK was experiencing continued disinflation, with twelve-month CPI inflation falling to 3.0% in January. However, the sudden spike in energy costs is expected to delay the Bank’s expected return to its 2% inflation target.

The immediate effect of higher fuel prices means CPI inflation is now projected to hit close to 3.5% in March. Preliminary estimates from Bank staff indicate that inflation will likely hover between 3% and 3.5% over the next couple of quarters. Furthermore, if wholesale gas prices remain elevated, they will likely feed into a higher Ofgem price cap for household utility bills starting in July.

A Stagnant Domestic Economy

This inflationary shock arrives at a time when the UK economy is already experiencing sluggish growth. UK GDP expanded by a mere 0.1% in the final quarter of 2025 and remained flat in January 2026. Labor demand remains weak, with the unemployment rate holding at 5.2%.

The MPC warned that the new energy shock will squeeze real incomes through higher household fuel and utility costs. This squeeze could erode consumer and business confidence, increase precautionary savings, and lead to a more rapid rise in unemployment, further weighing on economic demand.

The MPC’s Policy Dilemma

While the Bank of England acknowledges that monetary policy cannot influence global energy prices, it aims to manage the economic adjustment to sustainably achieve the 2% target. The committee is highly alert to the risk of “second-round effects,” in which sustained high energy prices embed domestic inflationary pressures into wage and price-setting behavior.

The tension between rising inflation and softening economic activity has significantly altered the MPC’s outlook. Notably, several committee members, including Sarah Breeden and Dave Ramsden, revealed that, absent the Middle East conflict, they would likely have voted for a 25 basis point interest rate cut at this meeting due to the ongoing disinflation. Instead, facing massive uncertainty regarding the scale and duration of the geopolitical shock, all members agreed that a hold at 3.75% was the most prudent course of action to assess incoming data.

The Committee remains vigilant and stated it “stands ready to act as necessary” to ensure inflation remains on track to meet its medium-term target.

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On March 19, 2026, the Bank of Japan (BOJ) released its Statement on Monetary Policy, outlining its current economic assessments and future strategies. The central bank’s Policy Board voted 8-1 to maintain the uncollateralized overnight call rate at approximately 0.75%.

Here are the key points and takeaways from the BOJ’s March 2026 policy meeting:

Moderate Economic Recovery with Sectoral Mixed Results

The BOJ noted that Japan’s economy has been recovering moderately, supported by a resilient private consumption sector bolstered by improvements in employment and income. While corporate profits have remained high, the manufacturing sector has faced some downward pressure from international tariffs. Furthermore, while business fixed investment is on a moderate upward trend, housing investment has been declining. Overseas economies are also growing moderately, though trade policies across different jurisdictions have introduced some weaknesses.

Inflation Dynamics and the Wage-Price Cycle

The core consumer price index (CPI, excluding fresh food) had previously exceeded 2% due to rising food prices, such as rice, but has recently settled around 2% thanks to government measures designed to reduce household energy burdens. The BOJ projects that the CPI will temporarily decelerate below 2% as the impact of food price hikes wanes and government relief efforts continue.

However, inflation is expected to face renewed upward pressure soon after, driven by significantly rising crude oil prices linked to increased tensions in the Middle East. Positively, the BOJ observes that a “virtuous cycle” from income to spending is intensifying, and the mechanism of wages and prices rising in tandem is expected to be maintained. Underlying CPI inflation is projected to align with the bank’s price stability target in the second half of the projection period outlined in the January 2026 Outlook Report.

Future Policy Path and Key Risks

Signaling a hawkish lean for the future, the BOJ indicated that because real interest rates are currently at significantly low levels, it will continue to raise the policy interest rate and adjust monetary accommodation if its economic and price outlooks are realized.

The central bank emphasized several risks to this outlook, primarily:

• Volatility in global financial and capital markets due to the situation in the Middle East.

• Developments in crude oil prices.

• The impact of trade policies on overseas economic activity and prices.

• Foreign exchange market fluctuations and domestic wage-setting behaviors.

Dissent Within the Board

The meeting highlighted varying perspectives among the policymakers. Board member Hajime Takata was the sole dissenting vote against the 0.75% rate decision, proposing instead to raise the rate to 1.0%. Takata argued that the price stability target had essentially been achieved and warned that risks to Japanese prices were skewed to the upside due to global developments.

Additionally, Takata and fellow board member Naoki Tamura dissented on the official outlook for prices. Tamura argued that underlying CPI inflation was likely to hit the price stability target earlier than officially projected, specifically from the beginning of fiscal 2026.

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On March 18, 2026, the Federal Open Market Committee (FOMC) announced its decision to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. The decision reflects the Committee’s ongoing efforts to balance its dual mandate of achieving maximum employment and returning inflation to its long-term objective of 2 percent.

Current Economic Context

According to the Federal Reserve, the U.S. economy has been expanding at a solid pace. However, the labor market has shown signs of cooling, with low job gains and an unemployment rate that has remained largely unchanged in recent months. Meanwhile, inflation remains “somewhat elevated”. The Committee noted that uncertainty regarding the overall economic outlook remains high, driven in part by the implications of ongoing developments in the Middle East.

Key Policy Implementation Details

To implement its chosen monetary policy stance, the Federal Reserve outlined several specific operational directives that go into effect on March 19, 2026:

• Reserve Balances & Credit Rates: The Board of Governors unanimously voted to keep the interest rate paid on reserve balances at 3.65 percent and the primary credit rate at 3.75 percent.

• Repurchase Agreements: The Open Market Desk is directed to conduct standing overnight repurchase agreement operations at a rate of 3.75 percent. Additionally, standing overnight reverse repurchase operations will be conducted at an offering rate of 3.5 percent, with a per-counterparty limit of $160 billion per day.

• Securities Holdings: To maintain an ample level of reserves, the Fed will increase its System Open Market Account holdings by purchasing Treasury bills and, if needed, other Treasury securities with remaining maturities of three years or less. Furthermore, the Fed will roll over all principal payments from its Treasury holdings at auction and reinvest all principal payments from agency securities into Treasury bills.

Committee Voting and Future Outlook The decision to hold rates steady was supported by an overwhelming majority of the Committee, including Chair Jerome H. Powell and Vice Chair John C. Williams.

The vote, however, was not unanimous; Committee member Stephen I. Miran dissented, preferring instead to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.

Looking ahead, the Federal Reserve stressed that it will carefully assess incoming data, the evolving economic outlook, and the balance of risks when considering the timing and extent of future adjustments.

The Committee remains prepared to adjust its monetary policy stance as appropriate if new risks emerge that could impede the attainment of its goals, paying close attention to labor market conditions, inflation expectations, and international developments.

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On March 18, 2026, the Bank of Canada announced that it is maintaining its target for the overnight rate at 2.25%. This decision was made by the Governing Council as the Canadian economy navigates a complex landscape of sluggish domestic growth and heightened global risks.

Here are the key points from the Bank’s announcement:

• Interest Rates Remain Steady: The overnight rate remains at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The Bank chose to maintain these rates due to weaker economic activity and elevated uncertainty.

• Global Conflict Driving Up Costs: The ongoing war in the Middle East has created significant volatility in financial markets and caused a sharp rise in global oil and natural gas prices. Additionally, transportation bottlenecks resulting from the effective closure of the Strait of Hormuz threaten the supply of other commodities, such as fertilizer. These factors are expected to boost global inflation in the near term.

• Domestic Economic Slowdown: Canada’s economy contracted by 0.6% in the fourth quarter of 2025, largely driven by a significant drawdown in inventories. The labor market remains soft, with employment gains reversing in early 2026 and the unemployment rate climbing to 6.7% in February. The economy is also struggling with ongoing weakness in exports as it adjusts to US tariffs and trade policy uncertainty.

• Mixed Inflation Outlook: Canada’s Consumer Price Index (CPI) inflation eased to 1.8% in February 2026, down from 2.3% in January. Core inflation measures and inflation excluding indirect taxes are currently hovering close to the Bank’s 2% target. However, the sharp increase in global energy prices is currently driving up gasoline prices, which the Bank anticipates will push total inflation higher in the coming months.

Looking ahead, the Bank of Canada notes that risks to economic growth are tilted to the downside, while inflation risks have increased due to energy prices. The Bank is closely monitoring the impacts of the Middle East conflict and US trade policies, emphasizing its commitment to maintaining price stability and readiness to respond as needed. The next scheduled date for a policy rate announcement is April 29, 2026.

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In a move responding to renewed economic pressures, the Reserve Bank of Australia (RBA) Board has decided to increase the cash rate target by 25 basis points to 4.10 per cent. The decision reflects growing concerns among policymakers that inflation will remain above target for a longer period than previously anticipated, largely driven by domestic capacity pressures and international volatility.

Key Points from the RBA’s Decision:

• Resurgent Inflationary Pressures: While inflation had fallen substantially since peaking in 2022, data confirm it picked up materially in the second half of 2025. The RBA attributes this to greater capacity pressures and a recent rise in short-term inflation expectations.

• Impact of Global Conflict: The ongoing conflict in the Middle East has led to sharply higher fuel prices, which are expected to add to near-term inflation if sustained. The Board noted that a prolonged conflict poses dual risks: it could further push up global energy prices and embed inflationary expectations, while simultaneously stifling economic growth in Australia and its major trading partners.

• Strong Domestic Demand and Labor Market: Private demand grew more substantially than expected in mid-2025, buoyed by strong business investment despite weaker consumption. Furthermore, the labor market has tightened recently, with lower-than-expected unemployment rates and strong housing market growth over the past year.

• Uncertain Impact of Past Policy: Financial conditions have tightened, with rising exchange rates and government bond yields. However, the RBA noted uncertainty about how restrictive current monetary policy actually is, as credit remains readily available and the effects of the 2025 interest rate reductions have yet to fully flow through to wages and consumer demand.

• A Divided Board: Highlighting the complex economic landscape, today’s policy decision was passed by a narrow majority. Five members voted for the 25 basis point increase, while four members voted to leave the rate unchanged at 3.85 per cent.

Looking Ahead Given these combined factors, the RBA judged that the risks to inflation have tilted further to the upside. The Board emphasized its mandate to deliver price stability and full employment, affirming that it will do what is necessary to achieve that outcome. Moving forward, the RBA will closely monitor evolving global developments, financial markets, and domestic demand to guide future monetary policy.

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Welcome to this week’s Enduring Markets’ Sunday Newsletter, providing a look ahead at the crucial interest rate decisions from central banks across the globe.

We’ve compiled the schedule and a brief summary of the official press releases from each MPC’s most recent policy meetings.

Tuesday, March 17, 2026

Australia: Reserve Bank of Australia (RBA)

• Previous Decision: Hike by 25 bps (February 3, 2026)

• Key Rate: 3.85% (Cash Rate Target)

• Summary: Breaking from the global easing trend, the RBA raised the cash rate to 3.85% in early February. The Board cited a material pickup in inflation during the second half of 2025 and resilient private demand that created greater capacity pressures. The RBA signaled a proactive stance against sticky price pressures, noting the “last mile” of disinflation is proving difficult.

• Latest Press Release: Statement by the Monetary Policy Board

• Schedule: The RBA is scheduled to announce its next decision on Tuesday, March 17.

Wednesday, March 18, 2026

Iceland: Central Bank of Iceland (SI)

• Previous Decision: Hold (February 4, 2026)

• Key Rate: 7.25% (Key Interest Rate)

• Summary: The Monetary Policy Committee (MPC) kept the key rate steady, pausing after a surprise cut late last year. While economic activity has cooled, inflation rose to 5.2% in January 2026, driven in part by public levies. The Committee remains cautious, emphasizing that future rate cuts depend on clear evidence that inflation has fallen back to the 2.5% target.

• Latest Press Release: Statement of the Monetary Policy Committee

• Schedule: The Central Bank of Iceland will announce its interest rate decision on Wednesday, March 18.

Canada: Bank of Canada (BoC)

• Previous Decision: Hold (January 28, 2026)

• Key Rate: 2.25% (Overnight Rate)

• Summary: The BoC maintained its overnight rate at 2.25%, warning of “unusually high” uncertainty surrounding US trade policy and the upcoming review of the CUSMA trade pact. While the domestic economy has evolved broadly in line with expectations, the Governing Council opted for a neutral, data-dependent approach to buffer against external geopolitical risks.

• Latest Press Release: Bank of Canada maintains policy rate

• Schedule: The Bank of Canada’s next scheduled rate announcement is Wednesday, March 18.

USA: Federal Reserve (FED)

• Previous Decision: Hold (January 28, 2026)

• Key Rate: 3.50% – 3.75% (Federal Funds Rate Target Range)

• Summary: The FOMC kept the federal funds rate unchanged after executing three consecutive rate cuts in the latter half of 2025. Chair Powell emphasized solid economic activity and a stabilizing labor market. The pause allows policymakers to digest incoming data and assess the impact of rising oil prices and geopolitical tensions before making further adjustments.

• Latest Press Release: Minutes of the Federal Open Market Committee

• Schedule: The FOMC’s two-day meeting concludes with the policy statement and press conference on Wednesday, March 18.

Thursday, March 19, 2026

Japan: Bank of Japan (BOJ)

• Previous Decision: Hold (January 23, 2026)

• Key Rate: 0.75% (Uncollateralized Overnight Call Rate)

• Summary: Having brought its benchmark rate up to 0.75% during previous tightening moves, the BOJ held steady at its first meeting of the year. Policymakers are closely evaluating the results of the spring wage negotiations (Shunto) to gauge if a virtuous cycle of wages and prices is firmly established. Markets are heavily pricing in a potential hike to 1.00% by the summer.

• Latest Press Release: Monetary Policy Decisions

• Schedule: The BOJ will announce its rate decision on Thursday, March 19.

Sweden: Sveriges Riksbank (SRB)

• Previous Decision: Hold (January 29, 2026)

• Key Rate: 1.75% (Policy Rate)

• Summary: The Riksbank left the policy rate unchanged for the third consecutive meeting. The Executive Board assessed that the current rate level is successfully contributing to strengthening economic activity and stabilizing inflation around the target. However, they flagged heightened uncertainty stemming from US trade policy and the weakened Krona.

• Latest Press Release: Policy rate unchanged at 1.75 per cent

• Schedule: The Riksbank publishes its monetary policy decision and update on Thursday, March 19.

Switzerland: The Swiss National Bank (SNB)

• Previous Decision: Hold (December 11, 2025)

• Key Rate: 0.00% (SNB Policy Rate)

• Summary: The SNB kept its policy rate at 0.00% to close out 2025. With inflation hovering near zero (and occasionally dipping into negative territory), the central bank faces pressure from a strong Swiss Franc. However, the SNB set a high bar for cutting rates back into negative territory, citing the burden it places on banks, savers, and pension funds.

• Latest Press Release: Current interest rates and exchange rates

• Schedule: The SNB’s quarterly monetary policy assessment is scheduled for Thursday, March 19.

Eurozone: European Central Bank (ECB)

• Previous Decision: Hold (February 5, 2026)

• Key Rate: 2.00% (Deposit Facility Rate)

• Summary: The Governing Council kept its three key interest rates unchanged. The ECB reconfirmed that inflation is on track to stabilize at its 2% target over the medium term. The decision reflected a resilient European economy supported by low unemployment and past rate cuts, even as the global trade environment remains challenging.

• Latest Press Release: Monetary policy decisions

• Schedule: The ECB Governing Council will announce its interest rate decision on Thursday, March 19.

United Kingdom: Bank of England (BoE)

• Previous Decision: Hold (February 5, 2026)

• Key Rate: 3.75% (Bank Rate)

• Summary: In a closely watched 5-4 split vote, the Monetary Policy Committee held the Bank Rate at 3.75%. The BoE paused to balance the risk of persistent inflation—which picked up slightly to 3.4% late last year—against weaker labor demand. Governor Andrew Bailey signaled that further cuts could be implemented this year if inflation falls back to the 2% target by spring, as expected.

• Latest Press Release: Interest rates and Bank Rate: our latest decision

• Schedule: The BoE MPC will announce its decision on Thursday, March 19.

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This is a compilation and redistribution of the institutional finance news for the week. While Enduring Markets publishes this Friday morning, CET Timezone, we will continue to update with news through the end of the day Friday EST Timezone.

Central Banking News

Turkey's Central Bank holds rates as the Iran War threatens inflation pickup

https://www.wsj.com/articles/turkeys-central-bank-holds-rates-as-iran-war-threatens-inflation-pickup-be5c0d06

Institutional News

US regulators to ease bank capital requirements

https://www.thebanker.com/content/df81f374-39f3-496b-996b-7c58a5a83f86

SEC and CFTC sign MOU as watchdogs look to end regulatory turf wars

https://www.thetradenews.com/sec-and-cftc-sign-mou-as-watchdogs-look-to-end-regulatory-turf-wars/

Nasdaq European trading venues to connect to Boerse Stuttgart group settlement platform

https://www.thetradenews.com/nasdaq-european-trading-venues-to-connect-to-boerse-stuttgart-group-settlement-platform/

UK bond transparency jump outpaces EU with reporting up

https://www.fi-desk.com/uk-bond-transparency-jump-outpaces-eu-with-reporting-up-307/

Euronext sets 21 September 2026 go live for alternative CSD framework

https://posttrade360.com/news/infrastructure/euronext-sets-21-september-2026-go-live-for-alternative-csd-framework/

Citi issues digitally native structured note on Euroclear DLT platform

https://www.globalcustodian.com/citi-issues-digitally-native-structured-note-on-euroclear-dlt-platform/

ETF settlement fails remain high while ESMA flags stablecoin risks

https://www.globalcustodian.com/etf-settlement-fails-remain-high-while-esma-flags-stablecoin-risks/

Financial crime has become a major growth industry

https://www.americanbanker.com/opinion/financial-crime-has-become-a-major-growth-industry

Talent News

Spillane joins Manulife IM

https://www.fi-desk.com/spillane-joins-manulife-im/

Williams joins Shore

https://www.globaltrading.net/williams-joins-shore/

Ninety One Fixed Income Trader departs for Bloomberg

https://www.thetradenews.com/ninety-one-fixed-income-trader-departs-for-bloomberg/

McDonald leaves Dinosaur for Lindisfarne

https://www.fi-desk.com/mcdonald-leaves-dinosaur-for-lindisfarne/

BNY appoints new COO of Wealth Solutions

https://www.globalcustodian.com/bny-appoints-new-coo-of-wealth-solutions/

Citadel’s Krasnik joins Millennium

https://www.globaltrading.net/citadels-krasnik-joins-millennium/

State Street appoints former Google executive as Chief Data and AI Officer

https://www.globalcustodian.com/state-street-appoints-former-google-executive-as-chief-data-and-ai-officer/

Blackstone hires UBS Vet Maellare to lead Wealth in Europe

https://www.fnlondon.com/articles/blackstone-hires-ubs-veteran-maellare-to-lead-wealth-in-europe-16845da9

Singla promoted at LG Asset Management

https://www.fi-desk.com/singla-promoted-at-lg-asset-management/

Buy me a coffee.

Born to Build

Richard Baker hails from Southern Ireland, where he fondly remembers his innocent, outdoor life as one of five children, and the water and mountains of Cork County. As a kid, he learned from his Royal Marine father the importance of exploration, sailing, and building things. He went to a small school where he learned to live with his heart on his sleeve, leave his ego at the door, and help others. His father was also a builder, instilling the entrepreneurial spirit in Richard, who picked up electronics early, reminiscing about his collection of Valve Radios, experimenting with Morse Code and Long Wave radios, and even installing a huge antenna in his family’s garden. He found his curious heart drawn to communications.

At 15, his parents decided to seek better economic opportunities in England, and after college, he attended the Mercantile Navy Training School to become a Radio Officer focused on Electronics and Communications Engineering. After school, his first corporate job was in Telecommunications with Nortel Networks.

The Principles of Standards

At Nortel, a prominent communications provider with 70% market share at the time and 200,000 employees, Richard learned the skills to lead a professional digital transformation as the industry shifted from copper-pair-based telephony to Optical technologies for his enterprise clients. This enterprise experience took him to the London Business School, where he learned that many people “overestimate technology and underestimate the change journey.” At Nortel, he became Vice-President of the Cable & Wireless Global Account. After Nortel, Richard moved to Cable & Wireless as Head of Product for the Global Voice Business, especially overseeing the transition from digital to Voice over IP. He laughs and says, “Look, we are talking now over the very technologies we built all that time ago for this conversation right now.”

In the mid-2000s, with the rise of TCP/IP networks and the growth of content on them, Richard moved to Real Networks to focus on developing technologies for streaming video and audio. The most important lesson he drew from these telecommunication experiences, he tells me, is “the importance of a principled approach to industry standards.” He explains that every organisation moves at a different pace in adopting new technologies, but that the standards for operations must remain the same across the industry.

In 2009, he became a consultant in Digital Technology for an Inter-Dealer Broker Voice OTC Commodities Swaps business, where he learned the intricacies of Dodd-Frank and MiFID 1 (and later 2). He focused on enabling the business’s capabilities for trade matching, trade capture, and early straight-through processing (STP). This experience opened an opportunity in 2010 to build a modern exchange.

A Convergence of Technologies

Cleartrade Exchange was a dry bulk capacity commodities exchange with its own Central Order Limit Book, regulated Futures Market in Singapore, and a straight-through-processor for LCH, NORQ (A division of NASDAQ), CME, and Deutsche Börse Group (DBG) with a focus on Iron, Coal, Fertilizer, and bunker fuel. In 2016, the executive team led a successful exit to DBG’s European Energy Exchange AG (EEX), EEX’s first acquisition, to accelerate its growth beyond Germany into the Asian and US markets. Looking back at the experience, Richard tells me that the foundations he learned in Digital Transformations during his telecommunications days laid the perfect foundation for his successful management of converging technologies in a new industry.

In 2017, after the successful exit, Richard spent time consulting and learning about Blockchain – he helped create a public markets platform that mines Bitcoin in Canada and North America, and built a utility network from the operation.

The Birth of Tokenovate

In 2021, Richard was reconnected with a good friend, Gerard Banaszkiewicz, co-founder of Tokenovate. Together, they spent six months brainstorming a business with 3 ideas coming to the front: 1) An Internet of Things (IoT) business, 2) A Smart Contract Capital Markets Business, and 3) An Irish Sports Bar in Cambridge (because there was a hole in the market). They ended up going with the second idea, “Tokenising (legal & economic) Novation,” which gave rise to Tokenovate. The idea centred on leveraging foundational legal market standards, coupled with blockchain technology, cloud computing, and programmable workflows, to smooth collateral mobility. Richard smiles and says, “To solve key issues in collateral plumbing, it’s helpful to view derivatives as a bundle of legal rights, and Tokenovate is the Modern-day orchestration platform for those property rights and pledges.”

With the advent of Cloud, LLMs, and Blockchain, the Middle and Back Office operations can be reimagined, and Richard’s goal is to “inspire and build a new way of managing securities lifecycles.” Richard intends to do this through the lessons learned throughout his life and career: 1) Be a builder, 2) The Principled approach of Standards, and 3) Leverage a convergence of Technologies. As a leader, Richard continues to prioritize building first, leaving his ego at the door, and helping people reach their full potential.

Tokenovate is emerging as a leader in Capital Markets Smart Contract solutions, especially in the Repo and Securities Finance business, collaborating with industry standard providers such as ISDA (International Swaps and Derivatives Association) and receiving praise from many industry veterans.

Buy me a coffee.

Welcome to this week’s Enduring Markets’ Sunday Newsletter, providing a look ahead at the crucial interest rate decisions from central banks across the globe.

We’ve compiled the schedule and a brief summary of the official press releases from each MPC’s most recent policy meetings.

Thursday, March 12, 2026

Türkiye: Central Bank of Türkiye (TCMB)

• Previous Decision: Cut by 100 bps (January 22, 2026)

• Key Rate: 37.00% (One-Week Repo Auction Rate)

• Summary: In its first meeting of 2026, the TCMB continued its gradual easing cycle, trimming the policy rate from 38.00% to 37.00%. The Monetary Policy Committee (MPC) noted that while January saw an expected bump in headline inflation—driven largely by seasonal food prices and year-end price adjustments—the underlying disinflation trend remains intact. The central bank emphasized that despite the cut, real interest rates remain firmly positive. The TCMB intends to keep monetary conditions sufficiently tight to ensure inflation continues to cool toward its medium-term targets, carefully balancing economic growth with price stability.

• Latest Press Release: TCMB Announcements and Press Releases

• Schedule: The TCMB’s officially published 2026 Monetary Policy Committee calendar lists its third meeting of the year on Thursday, March 12, 2026. The rate decision will be announced at 2:00 PM local time (Istanbul).

  ENDURING MARKETS is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

  Buy me a coffee.

This is a compilation and redistribution of the institutional finance news for the week. While Enduring Markets publishes this Friday morning, CET Timezone, we will continue to update with news through the end of the day Friday EST Timezone.

Central Banking News

Poland cuts rates against backdrop of falling inflation

https://www.centralbanking.com/central-banks/monetary-policy/7975294/poland-cuts-rates-against-backdrop-of-falling-inflation

Institutional News

JPMorgan cuts services for Citadel Securities in clash over roles

https://www.ft.com/content/b0793528-02eb-455c-94d5-f443b2a7ee92

New ESMA Transparency Regime Day One Trading Analysis

https://propellant.digital/resources/new-esma-transparency-regime-day-one-trading-analysis

New investors fuel record demand in US primary bond market

https://www.ifre.com/people-and-markets/2391284/new-investors-fuel-record-demand-in-us-primary-bond-market

Standard Chartered appointed Digital Asset Custodian by TP ICAP

https://www.globalcustodian.com/standard-chartered-appointed-digital-asset-custodian-by-tp-icap/

ICE invests in Digital Asset Exchange OKX amid push to connect traditional and crypto

https://www.thetradenews.com/ice-invests-in-digital-asset-exchange-okx-amid-push-to-connect-traditional-and-crypto-markets/

Adaptive announces strategic HSBC Citi investment

https://weareadaptive.com/trading-resources/adaptive-strategic-investment-hsbc-citi/

Cicada plans LATAM e-trading expansion with $13.5mm funding round

https://www.fi-desk.com/cicada-plans-latam-e-trading-expansion-with-us13-5mn-funding-round/

Building interoperable Digital Asset Markets

https://www.dtcc.com/dtcc-connection/articles/2026/march/04/building-interoperable-digital-asset-markets

Bank of Canada to join Canadian Collateral Management Service for its Repo Operations

https://www.bankofcanada.ca/2026/03/bank-canada-join-canadian-collateral-management-service-repo-operations/

Marex profit grows 39% on Trading boom and Acquisition Spree

https://www.fnlondon.com/articles/marex-profit-grows-39-on-trading-boom-and-acquisition-spree-142c0a29

STG Group joins the Electronic Market Maker Fray

https://www.globaltrading.net/stg-group-joins-the-electronic-market-maker-fray/

Policymakers must implement changes now to enhance data for EU’s consolidated tape, urges EFAMA

https://www.thetradenews.com/policymakers-must-implement-changes-now-to-enhance-data-for-eus-consolidated-tape-urges-efama/

LSEG to upgrade ASX Derivatives Trading Platform

https://www.thetradenews.com/lseg-to-upgrade-australian-securities-exchanges-derivatives-trading-platform/

Lloyds Banking Group in Pole Position as Aegon UK bidding war begins

https://www.fnlondon.com/articles/lloyds-banking-group-in-pole-position-as-aegon-uk-bidding-war-begins-4234f139?mod=homepage

Tokenisation booms in Repo Market

https://www.fi-desk.com/tokenisation-booms-in-repo-markets/

Talent News

Worrell leaves LSEG

https://www.globaltrading.net/worrell-leaves-lseg/

Ex-HSBC FinTech Chief Mendonca joins Finastra

https://www.gtreview.com/news/on-the-move/ex-hsbc-fintech-chief-mendonca-joins-finastra/

Adams swaps JPM for WF

https://www.fi-desk.com/adams-swaps-jp-morgan-for-wells-fargo/

Former Stifel Electronic Trading Director joins Canaccord Genuity

https://www.thetradenews.com/former-stifel-electronic-trading-director-joins-canaccord-genuity/

Peoples joins Jefferies in Outsourced Trading Push

https://www.fi-desk.com/peoples-joins-jefferies-in-outsourced-trading-push/

Odonoghue swaps TRowe for Templeton

https://www.fi-desk.com/odonoghue-swaps-t-rowe-price-for-franklin-templeton/

Ownera promotes Pomper

https://www.digitalassetsedge.com/digitalassetsedgenews/peoplemovesarticle.php?article_id=228553

Robins promoted at Mediobanca

https://www.globaltrading.net/robins-promoted-at-mediobanca/

Reyes joins RBC

https://www.fi-desk.com/reyes-joins-rbc-cm/

ISLA promotes Mahmood

https://www.securitiesfinancetimes.com/securitieslendingnews/peoplemovesarticle.php?article_id=228517

Podcasts and Opinion Pieces

The FEDs “skinny” master account what is means for FinTech Strategy

https://www.forbes.com/sites/ajdhaliwal/2026/02/20/the-feds-skinny-master-account-what-it-means-for-fintech-strategy/

Markets Unstructured

https://marketstructure.co.uk/our-work/markets-unstructured/

What to Watch as We Enter the AI-Driven Era of Capital Markets Operations

https://www.linkedin.com/pulse/what-watch-we-enter-ai-driven-era-capital-markets-sophie-marnhier-foy-hm5wc/?trackingId=JV9Oj92Vz4gDnx%2F8FdrIdg%3D%3D

Buy me a coffee.

Leader, Strategist, Researcher, and Writer - Rupak Ghose

Rupak Ghose is a multifaceted writer and leader in the capital markets. His career spans over two decades, covering high-level roles in traditional investment banking, financial market infrastructure, international regulatory advisory, FinTech execution, and capital markets narrative creation.

Roots in Equity Research

Ghose began his career at Credit Suisse (CS) in September 1999, where he spent over 12 years as a financial and TMT investment analyst covering Europe and the UK.

During this tenure, he earned numerous client awards, worked on multiple Initial Public Offerings (IPOs), and organized the firm’s annual industry conference.

Pivot to Financial Market Infrastructure

In 2012, Ghose pivoted from research to corporate leadership, becoming the Group Head of Corporate Strategy at ICAP, later known as Nex.

During his tenure, he worked across voice broker, ICAP, BrokerTec (which later became EBS-BrokerTec), and post-trade. Rupak was essential to the eventual spin-off and subsequent purchases by TP (2017) and CME (2018), serving CME for 1 year after the deal was completed.

Rupak’s pivot from equity research to corporate strategy demonstrated his mastery of navigating the company’s equity story, investor relations, and successful integration of management through the M&A lifecycle.

Regulatory Leadership and Data Governance Tenure

Following CME’s acquisition of NEX, Ghose served as a Senior Advisor for Data and Technology at the Financial Markets Standards Board (FMSB) from 2019 to 2020.

In this capacity, he led a market structure review, backed by the Bank of England and the FCA, and collaborated with senior management from leading banks and asset managers.

His work at the FMSB focused on the intersection of technology and regulation, publishing recommendations on algorithmic trading, machine learning, and data governance. He highlighted the critical role of data management and standardization in the industry.

Notably, his work on market surveillance involved collaboration with the Alan Turing Institute to examine the risks and opportunities of machine learning relative to traditional rules-based algorithms.

Fintech Operations and Management Leadership

From August 2021 to January 2023, Ghose served as the CFO and COO at Galytix, a firm specializing in data engineering and analytics for corporate banks and insurers. In this operational role, he led the finance function and new business development, with a specific focus on an “Early Warning System” product for banking clients.

Currently, Ghose is a strategic advisor and prolific writer. He advises private equity firms on acquisitions within financial market infrastructure and has become a prolific commentator on industry trends. Ghose also regularly writes for his successful Substack platform linked here -

Rupak's Substack

Hedge funds, trading firms, financial market structure and fintech

By Rupak Ghose

He has written over 70 articles for leading publications such as the Financial Times, IFR, and Reuters. His writing addresses complex financial challenges centered around money management, hedge funds, and market infrastructure.

Check Rupak’s Substack out!

Buy me a coffee.

Welcome to this week’s Enduring Markets’ Sunday Newsletter, providing a look ahead at the crucial interest rate decisions from central banks across the globe.

We’ve compiled the schedule and a brief summary of the official press releases from each MPC’s most recent policy meetings.

Wednesday, March 4, 2026

Poland: National Bank of Poland (NBP)

• Previous Decision: Hold (February 4, 2026)

• Key Rate: 4.00% (Reference Rate)

• Summary: In its February meeting, the Monetary Policy Council (MPC) held the reference rate steady at 4.00%, extending its pause for a second consecutive month. The decision was a strategic “wait-and-see” maneuver, as the Council lacked fresh inflation data and opted to wait for the comprehensive macroeconomic projections due in March.

  With December’s annual inflation having already slowed to 2.4%—comfortably near the midpoint of the central bank’s 1.5% to 3.5% target range—the hold was widely priced in by markets. Notably, NBP Governor Adam Glapiński used the post-meeting press conference to heavily telegraph that a rate cut is on the table for March, provided early 2026 inflation and wage data remain benign.

• Latest Press Release: Press release from the meeting of the Monetary Policy Council held on 3-4 February 2026

• Schedule: The NBP's Monetary Policy Council will conclude its two-day meeting on Wednesday, March 4, 2026, with the rate decision announced in the afternoon. This will be a pivotal watch-point for fixed-income markets; the MPC will review the new staff inflation projections, and markets are currently pricing in a high probability of a rate cut.

Buy me a coffee.

This is a compilation and redistribution of the institutional finance news for the week. While Enduring Markets publishes this Friday morning, CET Timezone, we will continue to update with news through the end of the day Friday EST Timezone.

Institutional News

Barnes & Noble to Screen Banks for London IPO

https://www.bloomberg.com/news/articles/2026-02-26/barnes-noble-and-waterstones-owner-elliott-said-to-screen-banks-for-london-ipo

Cyprus Stock Exchange and CSD up for Sale

https://posttrade360.com/news/infrastructure/cyprus-stock-exchange-and-csd-up-for-sale/

Supercharge Claude’s financial skills with LSEG data

https://www.lseg.com/en/insights/supercharge-claudes-financial-skills-with-lseg-data

Vanguard plots size factor ETF rollout in upcoming launch spree

https://www.etfstream.com/articles/vanguard-plots-size-factor-etf-rollout-in-upcoming-launch-spree

European traders celebrate decade-beating performance

https://www.ft.com/content/33bf55ef-7096-44d1-884c-059d5849bade?utm_term=C19E379C-7983-4D4B-9362-419D0A2068C6&ftcamp=engage%2Femail%2Fnewsletters%2Fsmart_brief%2Fsmartbriefnewsletterscontrafcf%2Fauddev&lrh=8e902c94f88d976b798c2c52ac9c232d379e5a94c6c9e0455b21381bbe41ee8f&segid=0800933&utm_campaign=6053EFA8-E150-4734-BC01-9F3F61BA188A&utm_content=D46ABCAB-282E-4B7C-8F4C-6CF4F034327B

Clearstream’s Loscher appointed to FinTech advisory board

https://posttrade360.com/news/infrastructure/clearstreams-loscher-appointed-to-fintech-advisory-board/

Euronext and Deutsche Borse drift closer in FI revenues

https://www.fi-desk.com/euronext-and-deutsche-borse-drift-closer-in-fi-revenues/

Crypto exchange seeks “enlightened” FMI partner

https://posttrade360.com/news/infrastructure/crypto-exchange-seeks-enlightened-fmi-partner/

Optiver and Virtu backed Optimal Market Technologies options ex platform launches

https://www.thetradenews.com/optiver-and-virtu-backed-optimal-market-technologies-options-execution-platform-launches/

MarketAxess and Directbooks offer Full Life-cycle Management

https://www.fi-desk.com/marketaxess-and-directbooks-offer-full-lifecycle-management/

SIX and Pieaeus Bank offer direct post-trade access to Greece

https://posttrade360.com/news/custody/six-and-piraeus-bank-offer-direct-post-trade-access-to-greece/

Bloomberg Terminal gains conversational AI interface

https://www.fi-desk.com/bloomberg-terminal-gains-conversational-ai-interface/

Christine Lagarde receives €140,000 from BIS despite payment ban for ECB staff

https://www.ft.com/content/b70b22f5-aec2-4613-a5bf-50b05bd2f30e?accessToken=zwAAAZycS19VkdO3CyL1rsJGE9Olv1CwW9LzDg.MEUCIEqj7lFAPywLThZa14cJFR8oBdQV8lqC3dAcGQh-nUjnAiEAskJAhZFfGRs6xfo3-SbJ0KAs9UEMa4kY-TMSIG1mFEg&segmentId=e95a9ae7-622c-6235-5f87-51e412b47e97&shareType=enterprise&shareId=6ef9c88c-f3af-4088-a6f1-b1429a73f0a4

ECB Staffers fear backlash when speaking out survey says

https://www.politico.eu/article/ecb-staffers-fear-backlash-when-speaking-out-survey-says/

US proposes severing Swiss Bank from Financial System over alleged Iran Russia Links

https://www.reuters.com/business/finance/us-proposes-severing-swiss-bank-financial-system-over-alleged-iran-russia-links-2026-02-26/

Talent News

Invesco International head of Capital Markets joins Cap Group as head of ETF Capital Markets

https://www.thetradenews.com/invesco-international-head-of-capital-markets-joins-capital-group-as-head-of-etf-capital-markets/

Rothschild taps ex-HSBC managing director as Head of Market Structure

https://www.fnlondon.com/articles/rothschild-taps-ex-hsbc-managing-director-as-head-of-market-structure-259422e8

Citigroup promotes Hafke to lead Frankfurt EU hub

https://www.fnlondon.com/articles/citigroup-promotes-hafke-to-lead-frankfurt-eu-hub-f8299028?mod=homepage

DTCC appoints head of asset services from BNY

https://www.globalcustodian.com/dtcc-appoints-head-of-asset-services-from-bny/

Osment joins Natixis CIB

https://www.fi-desk.com/osment-joins-natixis-cib/

Investec bolsters e-trading with Chhaya hire

https://www.globaltrading.net/investec-bolsters-e-trading-with-chhaya-hire/

Horowitz joins Wells Fargo

https://www.globaltrading.net/horowitz-joins-wells-fargo/

HSBC loses Tytarenko to QUBE

https://www.globaltrading.net/hsbc-loses-tytarenko-to-qube/

Malik appointed at SMBC group

https://www.fi-desk.com/malik-appointed-at-smbc-group/

Maddox swaps TSB for LG Asset Management

https://www.fi-desk.com/maddox-swaps-tsb-for-lg-asset-management/

Hohmeister joins Seubing

https://www.globaltrading.net/hohmeister-joins-steubing/

Harper joins Ares

https://www.fi-desk.com/harper-joins-ares/

Guinness onboards Veysey

https://www.fi-desk.com/guinness-onboards-veysey/

Broadridge promotes Troise

https://www.securitiesfinancetimes.com/securitieslendingnews/peoplemovesarticle.php?article_id=228501

Nani promoted at Kepler Cheuvreux

https://www.globaltrading.net/nani-promoted-at-kepler-cheuvreux/

Maylath leads US QIS at UBS

https://www.globaltrading.net/maylath-leads-us-qis-at-ubs/

Heath to depart JPM

https://www.securitiesfinancetimes.com/securitieslendingnews/peoplemovesarticle.php?article_id=228511

BNP Paribas promotes Executive to lead asset owner and asset manager client lines in ANZ

https://www.globalcustodian.com/bnp-paribas-promotes-executive-to-lead-asset-owner-and-asset-manager-client-lines-in-anz/

Citigroup brings together senior dealmakers for new AI infrastructure team

https://www.fnlondon.com/articles/citigroup-brings-together-senior-dealmakers-for-new-ai-infrastructure-team-106fe707

Opinion Pieces and Podcasts

Time to Complete EU Single Market

https://www.politico.eu/article/time-complete-eu-european-single-market-next-step/

No Fed, no safety net: Why private credit’s first real recession will be its moment of truth

https://www.marketwatch.com/story/private-credit-managers-are-betting-your-money-on-a-market-that-has-never-been-truly-stress-tested-b65546a6?st=15DGbd&reflink=desktopwebshare_permalink

BoE does not need to follow the FED

https://www.ft.com/content/fa994b39-1f06-4464-8373-c96699921764

Can CMEs single stock futures break through the securities lending competition

https://finadium.com/can-cmes-single-stock-futures-break-through-the-securities-lending-competition/

Episode 12 UK Crypto Regulations building trusted market infrastructure

https://cryptoreginsights.com/episode-12-uk-crypto-regulations-building-trusted-market-infrastructure/

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