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Weekly update on interest rate expectations

Rate cuts by year-end

  • Fed: 46 bps (85% probability of rate cut at the upcoming meeting)

2025: 135 bps

  • ECB: 50 bps (95% probability of rate cut at the upcoming meeting)

2025: 145 bps

  • BoE: 35 bps (77% probability of rate cut at the upcoming meeting)

2025: 116 bps

  • BoC: 69 bps (68% probability of 25 bps rate cut at the upcoming meeting)

2025: 162 bps

  • RBA: 10 bps (91% probability of no change at the upcoming meeting)

2025: 67 bps

  • RBNZ: 46 bps (83% probability of 50 bps rate cut at the upcoming meeting)

2025: 151 bps

  • SNB: 28 bps (86% probability of 25 bps rate cut at the upcoming meeting)

2025: 41 bps

Rate hikes by year-end

  • BoJ: 8 bps (94% 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

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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