How have interest rate expectations changed after last week’s events?
Rate cuts by year-end Fed: 16 bps (65% probability of rate cut at the upcoming meeting) 2026: 82 bps ECB: 1 bps (96% probability of no change at the upcoming meeting) 2026: 12 bps BoE: 15 bps (57% probability of rate cut at the upcoming meeting) 2026: 57 bps BoC: 3 bps (87% probability of no change at the…











