Monetary Policy Expectations Analysis

This ANZ Research report provides a comprehensive summary of market-priced interest rate expectations for major global central banks as of May 2026.

Key Takeaways

• 1.New Zealand interest rates are priced for a significant hiking cycle, moving from a current rate of 2.25% to an expected 3.57% by August 2027.
• 2.US monetary policy expectations indicate a more gradual tightening path, with the Effective Federal Funds Rate expected to rise from 3.63% to 3.96% by April 2027.
• 3.Australian rates are anticipated to peak around 4.63% in early 2027, up from a current cash rate of 4.36%.

Table of Contents

• Monetary Policy Expectations Analysis
• Important notice

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