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May 13, 2026

Monetary Policy Expectations Analysis

Market ReportRates Govt BondsMacro Economic IndicatorsOther

This ANZ Research report provides a snapshot of current market expectations for interest rate movements in New Zealand, USA, Australia, Eurozone, UK, and Canada through mid-2027.

Key Takeaways

  • 1.Markets are pricing in a substantial tightening cycle for New Zealand, with the OCR expected to rise from 2.25% to 3.68% by August 2027.
  • 2.UK interest rate expectations (SONIA) show a projected increase from 3.73% to 4.54% by April 2027.
  • 3.Eurozone rate expectations reflect a move from a current 1.93% estimated overnight rate to 2.78% by late April 2027.

Table of Contents

  • Monetary Policy Expectations Analysis
  • Important notice

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Authors

ANZ Economics and Markets Research

Securities

Official Cash Rate (OCR)Effective Federal Funds RateRBA Cash RateSONIA€STRON

Themes

Central Bank Policy DivergenceGlobal Monetary Tightening

Regions

EuropeAsia PacificNorth AmericaNew ZealandUnited StatesAustralia