Rate cuts by year-end

• Fed: 75 bps (53% probability of 50 bps rate cut at the upcoming meeting)

2025: 193 bps

• ECB: 50 bps (96% probability of rate cut at the upcoming meeting)

2025: 175 bps

• BoE: 38 bps (88% probability of rate cut at the upcoming meeting)

2025: 155 bps

• BoC: 75 bps (51% probability of 50 bps rate cut at the upcoming meeting)

2025: 207 bps

• RBA: 19 bps (79% probability of no change at the upcoming meeting)

2025: 100 bps

• RBNZ: 92 bps (66% probability of 50 bps rate cut at the upcoming meeting)

2025: 239 bps

• SNB: 25 bps (97% probability of rate cut at the upcoming meeting)

2025: 65 bps

Rate hikes by year-end

• BoJ: 7 bps (84% probability of no change at the upcoming meeting)

2025: 29 bps