How money moves.
A central bank changes one number. The flowchart traces how that impulse travels through borrowing costs, asset prices, the currency and expectations until it reaches prices and jobs.
From the policy rate to your paycheck
Pick a central bank. Arrows show the direction each channel moves under its current 12-month stance. Hover any step to learn more.
- Tightening impulse
Federal Reserve is tightening (policy rate 3.88%). Higher rates work through borrowing costs, asset prices, the currency and expectations to cool demand, and with it inflation. Hover a step to see how each channel works.
Where $111.8T of output comes from
GDP of tracked economies in 2025, split by continent and largest economies. Hover a band for its share.
$35.0T across 3 economies, growing 2.2% in 2025.
$4.1T across 5 economies, growing 2.8% in 2025.
$30.2T across 22 economies, growing 1.5% in 2025.
$38.7T across 17 economies, growing 4.7% in 2025.
$1.6T across 7 economies, growing 4.0% in 2025.
$2.1T across 2 economies, growing 1.8% in 2025.
IMF WEO GDP (current US$) · BIS policy rates · the transmission diagram is a stylised textbook model, not a forecast