As the year draws to a close, central banks around the world are set to make significant decisions that will shape global interest rates in December. In the next two weeks alone, over a dozen central banks will hold policy meetings, each with the potential to impact financial markets and economies.

On December 8-9, the Federal Reserve Bank of New York’s CEO Council Summit will feature Hassett, followed by the Reserve Bank of Australia (RBA) on December 9. Just a day later, the Bank of Canada, Federal Open Market Committee (FOMC), Bank of Japan’s Ueda, and Brazil’s Central Bank (BCB) will all hold meetings on December 10. The Swiss National Bank (SNB) follows suit on December 11.

The following week brings an even more intense schedule of central bank meetings, including the European Central Bank (ECB), Bank of England (BoE), Norway’s Norges Bank, Sweden’s Riksbank, and Mexico’s Banxico (December 18). The Central Bank of Russia (CBR) and Bank of Japan (BoJ) will hold meetings on December 19.

While the exact outcomes of these meetings are impossible to predict with certainty, market intelligence suggests that we could see a mix of hawkish and dovish moves. The Federal Reserve’s meeting, for example, is widely expected to result in a “largely priced in” interest rate cut, while the Bank of Japan’s hike may be seen as more dovish than expected. Meanwhile, the Bank of England’s decision could be interpreted as more consistently dovish.

The European Central Bank’s meeting, on the other hand, is shaping up to be a non-event, with little expectation of any significant policy changes. The same can be said for the Banxico meeting in Mexico, which is unlikely to result in any major decisions.

As these central banks make their decisions, investors and economists alike will be closely watching the vote splits and the final appointments of the last two Bolsonaro-appointed members at the BCB. This could have significant implications for the future direction of Brazil’s monetary policy.