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May 19, 2026

Monetary Policy Expectations Analysis

Market ReportRates Govt BondsMacro Economic IndicatorsFinancials

This report provides a detailed breakdown of market-priced interest rate expectations for New Zealand, USA, Australia, Eurozone, UK, and Canada through mid-2027.

Key Takeaways

  • 1.New Zealand's Official Cash Rate (OCR) is priced for significant hikes, moving from 2.25% to an expected 3.65% by August 2027.
  • 2.The US Federal Funds Rate is expected to experience a gradual increase from the current 3.63% effective rate to 3.92% by April 2027.
  • 3.Australian cash rates are priced to rise from 4.36% to a peak of 4.74% by February 2027 before slightly easing.

Table of Contents

  • Monetary Policy Expectations Analysis
  • Important notice

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Authors

ANZ Economics and Markets Research

Securities

OCRFFRSONIOEuro Short-Term Rate

Themes

Monetary Policy TighteningMarket-Priced Expectations

Regions

Asia PacificNorth AmericaEuropeNew ZealandUnited StatesAustralia