Rate cuts by year-end

  • Fed: 43 bps (95% probability of rate cut at the upcoming meeting)

2025: 134 bps

  • ECB: 30 bps (82% probability of 25 bps rate cut at the upcoming meeting)

2025: 143 bps

  • BoE: 41 bps (89% probability of rate cut at the upcoming meeting)

2025: 127 bps

  • BoC: 29 bps (85% probability of 25 bps rate cut at the upcoming meeting)

2025: 110 bps

  • RBA: 8 bps (91% probability of no change at the upcoming meeting)

2025: 57 bps

  • RBNZ: 53 bps (90% probability of 50 bps rate cut at the upcoming meeting)

2025: 158 bps

  • SNB: 31 bps (75% probability of 25 bps rate cut at the upcoming meeting)

2025: 68 bps

Rate hikes by year-end

  • BoJ: 6 bps (85% probability of no change at the upcoming meeting)

2025: 33 bps

*where you see 25 bps rate cut, the rest of the probability is for a 50 bps cut