Rate cuts by year-end

• Fed: 52 bps (94% probability of 25 bps rate cut at the upcoming meeting)

2025: 142 bps

• ECB: 50 bps (98% probability of 25 bps rate cut at the upcoming meeting)

2025: 148 bps

• BoE: 36 bps (93% probability of 25 bps rate cut at the upcoming meeting)

2025: 118 bps

• BoC: 58 bps (84% probability of 25 bps rate cut at the upcoming meeting)

2025: 160 bps

• RBA: 11 bps (90% probability of no change at the upcoming meeting)

2025: 67 bps

• RBNZ: 91 bps (94% probability of 50 bps rate cut at the upcoming meeting)

2025: 222 bps

• SNB: 28 bps (85% probability of 25 bps rate cut at the upcoming meeting)

2025: 54 bps

Rate hikes by year-end

• BoJ: 8 bps (84% probability of no change at the upcoming meeting)

2025: 33 bps