Which central bank raised interest rates sharply before the 1929 Wall Street Crash?

The Federal Reserve raised interest rates sharply before the 1929 Wall Street Crash.

In 1928 and 1929, the Federal Reserve tightened monetary policy partly because it was concerned about stock-market speculation and the rapid expansion of credit used to buy shares on margin. The New York Federal Reserve Bank raised its discount rate to 6% in August 1929.

Higher borrowing costs were one factor affecting the market, but historians do not treat them as a complete explanation for the crash. Excessive leverage, uneven economic conditions, declining industrial activity, and investor psychology also mattered.

The Federal Reserve was created in 1913, so it was the central bank involved in the 1929 episode. The European Central Bank did not exist until 1998, while the Bank of Japan and Bank of England belonged to different national monetary systems.