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June 3, 2026

Monetary Policy Expectations Analysis

Market ReportRates Govt BondsMacro Economic IndicatorsFinancials

This report provides a snapshot of market-implied interest rate expectations for New Zealand, Australia, USA, Eurozone, UK, and Canada as of June 2026.

Key Takeaways

  • 1.New Zealand's Official Cash Rate (OCR) is priced to rise significantly from its current 2.25% to an implied 3.63% by September 2027.
  • 2.US monetary policy expectations suggest a gradual increase in the Effective Federal Funds Rate from 3.62% to 3.92% by April 2027.
  • 3.The UK's SONIA rate is expected to move from an effective 3.73% to 4.27% by early 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)Federal Funds Rate (FFR)SONIA€STRON

Themes

Monetary Policy TighteningCentral Bank Policy Expectations

Regions

Asia PacificNorth AmericaEuropeNew ZealandUnited StatesAustralia