The U.S. federal funds effective rate underwent a dramatic reduction in early 2020 in response to the COVID-19 pandemic. The rate plummeted from 1.58 percent in February 2020 to 0.65 percent in March, and further decreased to 0.05 percent in April. This sharp reduction, accompanied by the Federal Reserve's quantitative easing program, was implemented to stabilize the economy during the global health crisis. After maintaining historically low rates for nearly two years, the Federal Reserve began a series of rate hikes in early 2022, with the rate moving from 0.33 percent in April 2022 to 5.33 percent in August 2023. The rate remained unchanged for over a year, before the Federal Reserve initiated its first rate cut in nearly three years in September 2024, bringing the rate to 5.13 percent. By December 2024, the rate was cut to 4.48 percent, signaling a shift in monetary policy in the second half of 2024. In January 2025, the Federal Reserve implemented another cut, setting the rate at 4.33 percent, which remained unchanged throughout the following months. What is the federal funds effective rate? The U.S. federal funds effective rate determines the interest rate paid by depository institutions, such as banks and credit unions, that lend reserve balances to other depository institutions overnight. Changing the effective rate in times of crisis is a common way to stimulate the economy, as it has a significant impact on the whole economy, such as economic growth, employment, and inflation. Central bank policy rates The adjustment of interest rates in response to the COVID-19 pandemic was a coordinated global effort. In early 2020, central banks worldwide implemented aggressive monetary easing policies to combat the economic crisis. The U.S. Federal Reserve's dramatic reduction of its federal funds rate - from 1.58 percent in February 2020 to 0.05 percent by April - mirrored similar actions taken by central banks globally. While these low rates remained in place throughout 2021, mounting inflationary pressures led to a synchronized tightening cycle beginning in 2022, with central banks pushing rates to multi-year highs. By mid-2024, as inflation moderated across major economies, central banks began implementing their first rate cuts in several years, with the U.S. Federal Reserve, Bank of England, and European Central Bank all easing monetary policy.

A comparison of the Australian target cash rate and the overnight interbank lending rate shows that, after around a decade of being identical, the economic impact of the coronavirus (COVID-19) pandemic led to the actual overnight lending rate being lower than the Reserve Bank of Australia's target rate. This means that banks are lending to each other at lower rates than the "official" interest rate. One reason for this is the that the Reserve bank has made money available to banks in several new ways over this period (such as repo agreements where banks can pledge assets for short term funds), increasing liquidity in the banking system. As of June 2025, the overnight interbank cash rate and the target cash rate stood at **** and **** percent, respectively.

Interbank Overnight Cash Rate data was reported at 4.090 % pa in 15 May 2025. This stayed constant from the previous number of 4.090 % pa for 14 May 2025. Interbank Overnight Cash Rate data is updated daily, averaging 2.000 % pa from Aug 1990 (Median) to 15 May 2025, with 9343 observations. The data reached an all-time high of 4.750 % pa in 01 Nov 2011 and a record low of 0.030 % pa in 11 Nov 2021. Interbank Overnight Cash Rate data remains active status in CEIC and is reported by Reserve Bank of Australia. The data is categorized under Global Database’s Australia – Table AU.M002: Interbank Overnight Cash Rate. [COVID-19-IMPACT]

The benchmark interest rate in Australia was last recorded at 3.85 percent. This dataset provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The COVID-19 pandemic has profoundly and negatively impacted the global stock markets. Hence, we investigated the time-varying impact of the COVID-19 pandemic on stock returns during the period from January 27, 2020 to December 23, 2021 using the TVP-VAR-SV model and used G7 countries as our research sample. Our results imply that (i) the spread of the COVID-19 pandemic has a significant negative impact on stock returns, but the impact decreases as the time window increases; (ii) the timeliness, compulsoriness, and effectiveness of anti-epidemic policies implemented by governments are the important adjustment factors for stock returns; (iii) the impact of the early stage of the COVID-19 pandemic on the stock market trend gradually weakens as the intermediate time interval increases. In addition, over time, the duration of the negative impact of the COVID-19 pandemic on the stock returns became shorter, and the recovery rate of the impact became faster; (iv) under the managed floating exchange rate regime, the stock returns changed synchronously with the pressures of exchange rate appreciation and depreciation, and under the free-floating exchange rate regime, the effect of the exchange rate on stock returns was almost zero, while the impact of exchange rate channels in eurozone countries was related to the characteristics of national economies. Thus, governments should make greater efforts to improve the compulsion and effectiveness of epidemic prevention policies and strengthen their control over exchange rate fluctuations to alleviate the negative impact of the COVID-19 pandemic on the stock markets.

From 2003 to 2025, the central banks of the United States, United Kingdom, and European Union exhibited remarkably similar interest rate patterns, reflecting shared global economic conditions. In the early 2000s, rates were initially low to stimulate growth, then increased as economies showed signs of overheating prior to 2008. The financial crisis that year prompted sharp rate cuts to near-zero levels, which persisted for an extended period to support economic recovery. The COVID-19 pandemic in 2020 led to further rate reductions to historic lows, aiming to mitigate economic fallout. However, surging inflation in 2022 triggered a dramatic policy shift, with the Federal Reserve, Bank of England, and European Central Bank significantly raising rates to curb price pressures. As inflation stabilized in late 2023 and early 2024, the ECB and Bank of England initiated rate cuts by mid-2024, and the Federal Reserve also implemented its first cut in three years, with forecasts suggesting a gradual decrease in all major interest rates between 2025 and 2026. Divergent approaches within the European Union While the ECB sets a benchmark rate for the Eurozone, individual EU countries have adopted diverse strategies to address their unique economic circumstances. For instance, Hungary set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by October 2024. In contrast, Sweden implemented more aggressive cuts, lowering its rate to two percent by June 2025, the lowest among EU members. These variations highlight the complex economic landscape that European central banks must navigate, balancing inflation control with economic growth support. Global context and future outlook The interest rate changes in major economies have had far-reaching effects on global financial markets. Government bond yields, for example, reflect these policy shifts and investor sentiment. As of December 2024, the United States had the highest 10-year government bond yield among developed economies at 4.59 percent, while Switzerland had the lowest at 0.27 percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

Key information about Canada Short Term Interest Rate

• Canada Short Term Interest Rate: Month End: Treasury Bills Yield: 3 Months was reported at 2.82 % pa in Feb 2025, compared with 2.85 % pa in the previous month.
• Canada Short Term Interest Rate data is updated monthly, available from Jan 1993 to Feb 2025.
• The data reached an all-time high of 8.30 % pa in Mar 1995 and a record low of 0.06 % pa in Nov 2021.
• Short Term Interest Rate is reported by reported by Bank of Canada.

[COVID-19-IMPACT]


Related information about Canada Short Term Interest Rate

• In the latest reports, Canada Government Benchmark Bonds Yield: Month End: 10 Years was reported at 2.90 % pa in Feb 2025.
• The cash rate (Policy Rate: Month End: Overnight Target Rate) was set at 3.00 % pa in Feb 2025.
• Canada Exchange Rate against USD averaged 1.33 (USD/CAD) in Jun 2023.

Policy interest rates in the U.S. and Europe are forecasted to decrease gradually between 2024 and 2027, following exceptional increases triggered by soaring inflation between 2021 and 2023. The U.S. federal funds rate stood at **** percent at the end of 2023, the European Central Bank deposit rate at **** percent, and the Swiss National Bank policy rate at **** percent. With inflationary pressures stabilizing, policy interest rates are forecast to decrease in each observed region. The U.S. federal funds rate is expected to decrease to *** percent, the ECB refi rate to **** percent, the Bank of England bank rate to **** percent, and the Swiss National Bank policy rate to **** percent by 2025. An interesting aspect to note is the impact of these interest rate changes on various economic factors such as growth, employment, and inflation. The impact of central bank policy rates The U.S. federal funds effective rate, crucial in determining the interest rate paid by depository institutions, experienced drastic changes in response to the COVID-19 pandemic. The subsequent slight changes in the effective rate reflected the efforts to stimulate the economy and manage economic factors such as inflation. Such fluctuations in the federal funds rate have had a significant impact on the overall economy. The European Central Bank's decision to cut its fixed interest rate in June 2024 for the first time since 2016 marked a significant shift in attitude towards economic conditions. The reasons behind the fluctuations in the ECB's interest rate reflect its mandate to ensure price stability and manage inflation, shedding light on the complex interplay between interest rates and economic factors. Inflation and real interest rates The relationship between inflation and interest rates is critical in understanding the actions of central banks. Central banks' efforts to manage inflation through interest rate adjustments reveal the intricate balance between economic growth and inflation. Additionally, the concept of real interest rates, adjusted for inflation, provides valuable insights into the impact of inflation on the economy.

United States Interest Rates: 12 Months Expectation: Same data was reported at 22.500 % in Apr 2025. This records a decrease from the previous number of 23.300 % for Mar 2025. United States Interest Rates: 12 Months Expectation: Same data is updated monthly, averaging 29.700 % from Jun 1987 (Median) to Apr 2025, with 455 observations. The data reached an all-time high of 43.700 % in Dec 1997 and a record low of 13.600 % in Mar 1989. United States Interest Rates: 12 Months Expectation: Same data remains active status in CEIC and is reported by The Conference Board. The data is categorized under Global Database’s United States – Table US.H051: Consumer Confidence Index: Interest Rate Expectation. [COVID-19-IMPACT]

The Reserve Bank of Australia's (RBA) cash rate target in-part determines interest rates on financial products.

Key information about Indonesia Policy Rate

• Indonesia cash rate (Policy Rate: Month End: Indonesia: BI-Rate) was set at 5.75 % pa in Feb 2025, compared with 5.75 % pa in the previous Jan 2025.
• Indonesia Policy Rate averaged 5.25 % pa and is updated monthly, available from Jun 2015 to Feb 2025.
• The data reached an all-time high of 6.25 % pa in Aug 2024 and a record low of 3.50 % pa in Jul 2022.

The Bank of Indonesia announced 7 Days Reverse Repo Rate as new policy rate effective August 19th, 2016. For Policy Rate prior to August 2016, please refer to the 1 Month Bank Indonesia Certificates Auction Rate. From 21 December 2023, Bank Indonesia will change the name of its policy rate to BI Rate, replacing the BI 7-Day Reverse Repo. The new name doesn't change the meaning or objectives of the BI-Rates as the monetary policy stance of Bank Indonesia, with operationalisation still referring to Bank Indonesia reverse repo transaction with a tenor of seven days. [COVID-19-IMPACT]


Related information about Indonesia Policy Rate

• In the latest reports, Indonesia Short Term Interest Rate: Month End: Indonesia: 3 Months Interbank was reported at 6.74 % pa in Jun 2023.
• Its Long Term Interest Rate (Long Term Interest Rate: Month End: Indonesia: Government Bond Yield: 10 Years) was reported at 6.93 % pa in Feb 2025.
• Indonesia Exchange Rate against USD averaged 14,932.00 (USD/IDR) in Jun 2023.
• Its Real Effective Exchange Rate was 111.62 in Jan 2025.

The benchmark interest rate in Canada was last recorded at 2.75 percent. This dataset provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

IntroductionRecent cash-value benefit (CVB) increases are a positive development to help increase WIC participant fruits and vegetables (FV) access. Little is known about the impacts of the CVB changes on FV redemptions or about implementation successes and challenges among WIC State and local agencies. This mixed method study aimed to evaluate (a) the CVB changes’ impact on FV access among WIC child participants measured by CVB redemption rates, (b) facilitators and barriers to CVB changes’ implementation, and (c) differences in FV redemption and facilitators and barriers by race/ethnicity.MethodsWe requested redemption data from all 89 State agencies for April 2020 to September 2022 and utilized descriptive statistics, interrupted time series analysis (ITS), and generalized linear regression analysis. Additionally, we recruited State agencies, local agencies, and caregivers across the U.S. for interviews and used rapid qualitative analysis to find emerging themes anchored in policy evaluation and implementation science frameworks.ResultsWe received redemption data from 27 State agencies and interviewed 23 State agencies, 61 local agencies, and 76 caregivers of child WIC participants. CVB monthly redemptions increased at $35/child/month compared to $9/child/month; however, adjusted ITS analyses found a decrease in redemption rates at $35/child/month. The decrease was not significant when the transition/first implementation month was excluded with rates progressively increasing over time. Differences were found among racial/ethnic groups, with lower redemption rates observed for non-Hispanic Black caregivers. Overall, WIC caregivers reported high satisfaction and utilization at the $35/child/month. The frequent and quick turnaround CVB changes strained WIC agency resources with agencies serving higher caseloads of diverse racial and ethnic populations experiencing greater issues with implementing the CVB changes.ConclusionDespite implementation challenges, the increased CVB shows promise to improve WIC participant FV access and satisfaction with WIC. WIC agencies need adequate lead time to update the CVB amounts, and resources and support to help ensure equitable distribution and utilization of the FV benefits.

Key information about Vietnam Policy Rate

• Vietnam cash rate (Policy Rate: Month End: Discount Rate) was set at 3.00 % pa in Feb 2025, compared with 3.00 % pa in the previous Jan 2025.
• Vietnam Policy Rate averaged 4.50 % pa and is updated monthly, available from Aug 2003 to Feb 2025.
• The data reached an all-time high of 13.00 % pa in Feb 2012 and a record low of 2.50 % pa in Aug 2022.

[COVID-19-IMPACT]


Related information about Vietnam Policy Rate

• In the latest reports, Vietnam Short Term Interest Rate: Month End: VNIBOR: 3 Months was reported at 5.35 % pa in Jan 2025.
• Vietnam Exchange Rate against USD averaged 23,725.88 (USD/VND) in Jun 2023.

Key information about Switzerland Short Term Interest Rate

• Switzerland Short Term Interest Rate: Month End: 3 Months was reported at 0.37 % pa in Feb 2025, compared with 0.39 % pa in the previous month.
• Switzerland Short Term Interest Rate data is updated monthly, available from Jul 1999 to Feb 2025.
• The data reached an all-time high of 3.37 % pa in Sep 2000 and a record low of -1.15 % pa in Feb 2016.
• Short Term Interest Rate is reported by reported by SIX Swiss Exchange.

[COVID-19-IMPACT]


Related information about Switzerland Short Term Interest Rate

• In the latest reports, Switzerland Bond Yield: 10 Years was reported at 0.38 % pa in Jan 2025.
• The cash rate (Policy Rate: Month End: Overnight Average Rate: SARON) was set at 0.43 % pa in Feb 2025.
• Switzerland Exchange Rate against USD averaged 0.90 (USD/CHF) in Jun 2023.

Data on USD to NGN exchange rate

Key information about Ecuador Exchange Rate against USD

• Ecuador Exchange Rate against USD averaged 1.000 (USD/USD) in Feb 2025, compared with 1.000 USD/USD in the previous month.
• Ecuador Exchange Rate against USD data is updated monthly, available from May 2006 to Feb 2025.
• The data reached an all-time high of 1.000 in Feb 2025 and a record low of 1.000 in Feb 2025.

Ecuador is a dollarized country. [COVID-19-IMPACT]


Key information about Ecuador Exchange Rate against USD

• In the latest reports, Ecuador Short Term Interest Rate: Month Avg: Ecuador: Interbank Rate was reported at 5.000 % pa in Jun 2023.
• The cash rate (Policy Rate: Month End: Legal Rate) was set at 9.330 % pa in Feb 2025.

Myanmar Forex: Bank Customer Market Rate: US Dollar: Average Period data was reported at 1,531.800 MMK/USD in Oct 2019. This records a decrease from the previous number of 1,532.200 MMK/USD for Sep 2019. Myanmar Forex: Bank Customer Market Rate: US Dollar: Average Period data is updated monthly, averaging 1,524.700 MMK/USD from Feb 2019 (Median) to Oct 2019, with 9 observations. The data reached an all-time high of 1,532.900 MMK/USD in May 2019 and a record low of 1,510.400 MMK/USD in Jul 2019. Myanmar Forex: Bank Customer Market Rate: US Dollar: Average Period data remains active status in CEIC and is reported by Central Bank of Myanmar. The data is categorized under Global Database’s Myanmar – Table MM.M005: Foreign Exchange Rate: Official Rate. [COVID-19-IMPACT]

Firms in the Rock, Limestone and Clay Mining industry have faced a mixed past couple of years, with a wide divergence in performance between the large players in the industry, and the small to medium size competitors. The entire industry is very reliant on construction activity in Australia, which was severely constrained by the COVID-19 outbreak and the subsequent global supply chain disruptions and cash rate rises. Overall, industry revenue is expected to fall at an annualised 1.0% over the past five years, including an expected 3.7% drop in 2023-24 to total an estimated $4.4 billion. Larger players in this industry were far better placed to manage the intersecting challenges thrown up by the COVID-19 outbreak. The three largest firms in this industry – Boral, Holcim and Hanson – are all vertically integrated construction material producers which operate in a range of industries. They operate industry-specific quarries strategically located on the urban fringes of major cities to service larger production systems, including concrete and asphalt production facilities. This dynamic places these firms in a far better market position to manage potentially volatile demand, price fluctuations and disruptions to supply chains. When most firms faced rising cost pressures in 2021-22 and 2022-23, vertically integrated firms like Boral were well placed to pass on these costs to customers through higher prices, while many smaller competitors struggled. Therefore, while Boral and Holcim posted an improvement in industry-specific earnings, on an industry-wide level, profit margins have trended downwards since 2018-19. The industry is projected to grow moderately over the next five years as it recovers from the economic effects of the COVID-19 pandemic, as capacity constraints ease over time and construction activity in Australia trends upwards. Industry revenue is forecast to increase at an annualised 1.0% over the five years through 2028-29, to $4.7 billion. Crushed rock volumes are forecast to grow, while cost pressures are projected to ease, fuelling an uptick in industry profitability. Yet, on the other hand, a recent surge in interest rates will shift the investment picture for governments, potentially weakening demand from large-scale infrastructure projects.

As per Cognitive Market Research's latest published report, the Global Cash in Transit Services market size was $16,817.32 Million in 2024 and it is forecasted to reach $23,406.93 Million by 2031. Cash in Transit Services Industry's Compound Annual Growth Rate will be 4.84% from 2024 to 2031. Market Dynamics of the Cash in Transit Services Market

What are the Prime Drivers Influencing the Growth of the Cash in Transit Services Market?

More Money is Being Used in Transactions to Provide Viable Market Output

A significant market driver for cash-in-transit services has been globalization. The necessity for cash logistics services, including cash management, cash-in-transit, ATM services, and others, has grown due to the economy's increased currency circulation.

The strong expansion of ATM installations in emerging regions fuels the market growth

The State Bank of India (SBI) reports that in 2021, the country's currency circulation increased by 7.7% from the previous year due to economic expansion and rising interest rates. Using cash logistics services results in effective cash management, including reduced time spent on tasks, lower risk of errors, and effective cash flow.

(Source:www.sbilife.co.in/sites/SBILife/Annual-Report/FY2020-21/pdf/download-center/statutory-reports.pdf)

Furthermore, recent information made public by the Bank for International Settlements (BIS), a financial institution governed by central banks, shows that an increase in the use of large-denomination notes was the primary factor in the growth of the total amount of currency in circulation. Therefore, increasing cash circulation hastens the growth of the global cash logistics industry.

The Factors are Restricting Growth of Cash in Transit Services Market

High Operational and Insurance Costs: Keeping an armored car fleet, hiring security personnel with the necessary training, and getting insurance for cash-in-transit activities raise operating costs considerably. These expenses may have an impact on profitability, especially for small CIT businesses or those that operate in nations with poor cash handling profit margins. Adoption of Digital Payments Cutting Down on Cash Use: Reliance on physical cash has decreased as a result of the global shift toward digital and contactless payments, particularly in the wake of COVID-19. The amount of cash transactions in metropolitan areas has decreased as mobile wallets and QR payments gain popularity, which has a direct effect on the need for CIT services. Regulatory Obstacles and Compliance Difficulties: Working in several jurisdictions entails stringent requirements for car certifications, handgun permits, and abortion legislation. CIT businesses frequently deal with administrative constraints and compliance issues, particularly when expanding into new areas. These regulatory complications may restrict cross-border operations and postpone expansion.

Key Trends of Cash in Transit Services Market

Integration of GPS and Real-Time Tracking Systems: CIT vehicles are increasingly equipped with cutting-edge fleet tracking technology. Systems for surveillance, route optimization, and real-time GPS monitoring are improving operational effectiveness and security. Additionally, this trend increases consumer trust and enables businesses to react swiftly to crises or questionable conduct while in transit. Hybrid Cash Management Solutions: Smart safes, cash recyclers, and vaulting services are examples of end-to-end cash solutions that CIT companies are now offering as part of their hybrid cash management solutions. In addition to increasing revenue for CIT providers and expediting the cash management process, this bundled service model serves banks and shops seeking total cashautomation. Enhanced Attention to Emerging Markets: Because of their inadequate banking infrastructure, nations in Africa, Southeast Asia, and Latin America still exhibit high levels of cash dependency. Geographic diversification is being driven by CIT companies' proactive entry into these areas in order to meet the growing demand from local businesses, microfinance institutions, and new ATM installations.

Impact Of COVID-19 on the Cash in Transit Services Market

By hindering corporate growth, slowing logistics services, and escalating concern among client segments, the COVID-19 situation has increased market uncertainty. Governments in several areas de...