Rates are holding steady heading into a heavy week for central banks. Here's where the major benchmarks stand and what's on the calendar for SOFR, SONIA, €STR, and TONA borrowers.

Where the rates stand

SOFR was last published at 3.64% for July 23, 2026, per the New York Fed's daily reference rate data. The effective federal funds target range has sat at 3.50%–3.75% since the June 17 FOMC meeting, and SOFR has tracked closely inside that range all month.

SONIA was last set at 3.73% for July 22, 2026, according to the Bank of England. Compounded SONIA in arrears is running about 3.75% over a three-month lookback.

€STR printed at 2.183% for July 22, 2026. That follows the ECB's July 23 decision to hold its three key rates steady — the deposit facility rate at 2.25%, the main refinancing rate at 2.40%, and the marginal lending facility at 2.65%.

TONA remains anchored near 0.08%, consistent with the Bank of Japan's current 1% policy rate.

The week ahead: two meetings back to back

The FOMC meets July 28–29, with no Summary of Economic Projections due at this meeting. Markets are pricing the Fed as most likely to hold, though futures still show meaningful odds of a hike given June CPI data (see below) and public hawkish commentary from some regional Fed presidents in recent weeks.

Two days later, the Bank of Japan meets July 30–31, publishing its Outlook for Economic Activity and Prices on the 31st. With TONA still near zero and the BoJ's policy rate at 1%, markets are watching for any signal on the pace of further normalization.

The data backdrop

The most recent US inflation print — June CPI, released July 14 — showed headline inflation at 3.5% year-over-year, cooler than expected, while core CPI held at 2.6% year-over-year, per the Bureau of Labor Statistics. That's the backdrop the FOMC walks into this week, and it's part of why the committee is seen as more likely to hold than move.

For a deeper look at the internal FOMC debate feeding into this meeting, see our recent post on the cooling CPI print and the dissent brewing before the July FOMC, and our explainer on last week's divergence between the Fed, ECB, and BoJ.

What this means for your loan

If you're holding a SOFR-, SONIA-, or €STR-based floating loan, this week's meetings won't change what you owe retroactively — compounded-in-arrears interest is based on realized daily fixings, not policy announcements. But a hold, hike, or surprise dissent at either meeting will shape where SOFR and TONA head over your next reset period. For background on how each benchmark is administered, see our guides on SONIA and €STR, or check current and historical rates and key terms in our glossary.

Ready to see exactly what you owe? Use the free SOFR/SONIA/€STR loan calculator to compute compounded-in-arrears interest on your exact loan dates — no sign-up required.

Sources: New York Fed – SOFR, Federal Reserve – June 2026 FOMC statement, Federal Reserve – FOMC meeting calendar, ECB – July 23, 2026 monetary policy decision, Bank of Japan – meeting calendar, U.S. Bureau of Labor Statistics – CPI.