How have interest rates expectations changed after this week's events? ...Middle East

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Fed: 71 bps (92% probability of rate cut at the upcoming meeting; the rest for a 50 bps cut)

2026: 145 bps

ECB: 4 bps (97% probability of no change at the upcoming meeting)

2026: 10 bps

BoE: 9 bps (98% probability of no change at the upcoming meeting)

2026: 42 bps

BoC: 43 bps (90% probability of rate cut at the upcoming meeting)

RBA: 30 bps (78% probability of no change at the upcoming meeting)

2026: 48 bps

RBNZ: 38 bps (82% probability of rate cut at the upcoming meeting)

2026: 48 bps

SNB: 3 bps (94% probability of no change at the upcoming meeting)

Rate hikes by year-end

BoJ: 16 bps (96% probability of no change at the upcoming meeting)

*The 2026 pricing reflects the cumulative easing expected by the end of 2026, not how much easing is expected in 2026 alone.

The market might be underpricing the probabilities for a 50 bps cut at next week's meeting, but anyway there is now strong consensus of 75 bps of easing by year-end.

Overall, the changes haven't been significant because the market might be cautious in pricing more without strong reasons given that rate cuts could improve economic activity and eventually keep inflation higher for longer or even cause further acceleration.

This article was written by Giuseppe Dellamotta at investinglive.com.

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