How have interest rate expectations changed after this week’s events?
Rate cuts by year-end Fed: 20 bps (79% probability of rate cut at the upcoming meeting) 2026: 93 bps ECB: 1 bps (97% probability of no change at the upcoming meeting) 2026: 8 bps BoE: 23 bps (94% probability of rate cut at the upcoming meeting) 2026: 64 bps BoC: 3 bps (84% probability of
















