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View archive →[Address] (National Securities Convention) AIAI translation
AI Governor Ueda stated that Japan's economy is recovering moderately and that underlying inflation is approaching 2 percent. He noted that last month the Bank raised its policy interest rate to around 1.25 percent and said it will continue raising the rate and adjusting the degree of monetary easing in line with economic, price and financial conditions. He also said he expects the securities industry to support corporate value enhancement, support household asset building and financial literacy, and respond to advances in digital technology.
Governor's regular press conference (September 18, 2026) AIAI translation
AI At the Monetary Policy Meeting on September 18, 2026, the Bank of Japan decided by majority vote to raise the target for the uncollateralized overnight call rate from around 1.0% to around 1.25%, with Members Asada and Sato dissenting. At the press conference, the Governor explained that the economy and prices are moving broadly in line with the central outlook in the Outlook for Economic Activity and Prices and that underlying inflation is approaching 2%. He said no particular pace or timing of future rate hikes is set, and that decisions will depend on examining the effects of the Middle East situation, AI-related demand and exchange rate movements.
Change in the Guideline for Money Market Operations AIAI translation
AI At its Monetary Policy Meeting on September 18, 2026, the Bank of Japan decided by a 7-to-2 vote to guide the uncollateralized overnight call rate to around 1.25%, and to set the interest rate on the complementary deposit facility at 1.25% and the basic loan rate at 1.5%, effective September 24. It also unanimously decided to switch the lending rate of its climate change-related operations to a floating rate and cap total lending, and stated that it will continue raising the policy interest rate and adjusting the degree of monetary accommodation in line with economic, price and financial developments.
FOMC Press Conference September 16, 2026
AI At the September 16, 2026 press conference, Chairman Warsh said the FOMC unanimously voted to raise the target range for the federal funds rate by ¼ percentage point to 3¾ to 4 percent, saying inflation remains elevated and the standard for confidence that underlying inflation is moving to 2 percent had not been met. He also presented the median Summary of Economic Projections: real GDP growth of 2.3 percent this year and 2.4 percent next year, total PCE inflation of 3.7 percent this year and 2.3 percent next year, unemployment of about 4.1 percent, and a federal funds rate of 4.1 percent at the end of this year and next.
Federal Reserve issues FOMC statement
AI The FOMC voted 12-0 to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, and said it is continuing its policy of maintaining ample reserves in the banking system. The statement describes economic activity as expanding at a solid pace and inflation as elevated, and says the action will support a timelier return to the 2 percent goal.
Press conference by Board Member Masu (September 10, 2026) AIAI translation
AI At a press conference in Fukui Prefecture, Board Member Masu said the prefectural economy is recovering moderately and that labor shortages are the biggest challenge for firms. He said the policy rate needs to be firmly brought into the estimated neutral-rate range, but declined to give a specific image of that level or to specify the size or pace of rate hikes, saying he would review oil and food prices and exchange rates ahead of the September meeting and judge each decision individually.
Press conference by Board Member Takata (September 2, 2026) AIAI translation
AI At his press conference on September 2, 2026, Board Member Takata described the views gathered at the meeting with business and financial leaders in Hokkaido and gave his assessment of Hokkaido's current economy and outlook. Answering questions, he explained why he believes rate hikes should be made flexibly in response to changes in domestic and external conditions rather than being tied to the past pattern of two hikes a year in 0.25% steps, and he discussed how he views the neutral interest rate.
Governor's press conference (September 1, 2026) AIAI translation
AI At the press conference on September 1, 2026, Governor Ueda said that the G20 discussed the importance of appropriate communication toward price stability, and declined to comment on the details of his meeting with U.S. Treasury Secretary Bessent and others. Without commenting on market expectations of a rate hike at the September meeting, he said that data since the July meeting have broadly followed the projections in the Outlook for Economic Activity and Prices, and that the basic approach is unchanged: the timing and pace of adjusting the degree of monetary easing will be considered with particular emphasis on the Middle East situation, AI-related developments and exchange rate movements.
Governor's regular press conference (July 31, 2026) AIAI translation
AI At the Monetary Policy Meeting on July 31, 2026, the Bank decided by majority vote to maintain its guideline for market operations, encouraging the uncollateralized overnight call rate to remain at around 1.0%, while a proposal by Board member Takata to raise the rate to around 1.25% was rejected by a majority. Following the Outlook for Economic Activity and Prices, the Governor explained that the economy is recovering moderately, that underlying inflation is approaching 2% with upside price risks greater, and that the Bank will continue raising the policy rate according to economic, price and financial conditions, judging the timing and pace while examining the effects of the Middle East situation, AI-related demand and exchange rate movements.
FOMC Press Conference July 29, 2026
AI At the July 29, 2026 press conference, Chairman Warsh announced that the Committee voted 9-to-3 to maintain the federal funds rate target range at 3½ to 3¾ percent and to continue its policy of ample reserves, and he reiterated that the inflation target is 2 percent with no soft implicit target. He highlighted sharply higher Treasury yields since the last meeting 42 days earlier and strong AI-related business investment, and listed four discussion topics: the legacy of five years of high inflation, the effects of recent economic shocks, shock-driven price increases, and monetary policy tools including the balance sheet.