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June 2, 2026

Monetary Policy Expectations Analysis

Macro ThematicRates Govt BondsMacro Economic IndicatorsFinancials

This report details current and projected market-implied interest rates for New Zealand, USA, Australia, Eurozone, UK, and Canada through mid-2027.

Key Takeaways

  • 1.Market pricing indicates a steady rise in New Zealand's Official Cash Rate from 2.25% to a projected 3.62% by September 2027.
  • 2.The US Effective Federal Funds Rate is expected to drift higher from 3.62% to approximately 3.93% by late April 2027.
  • 3.Australia's policy rate, currently at 4.35%, is priced to peak near 4.56% in December 2026 before stabilizing.

Table of Contents

  • Monetary Policy Expectations Analysis
  • Important notice

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Authors

ANZ Research

Securities

OCRFFRSONIOEuro Short-Term Rate

Themes

Global Monetary TighteningCentral Bank Policy Rate Projections

Regions

Asia PacificNorth AmericaEuropeNew ZealandUnited StatesAustralia