ANZ
June 4, 2026
Monetary Policy Expectations Analysis
Market ReportMacro Economic IndicatorsRates Govt BondsOther
This ANZ Research report details market-implied interest rate paths for New Zealand, USA, Australia, the Eurozone, UK, and Canada as of June 2026.
Key Takeaways
- 1.New Zealand's Official Cash Rate (OCR) is expected to rise significantly from its current 2.25% to 3.62% by September 2027 based on market pricing.
- 2.The US Federal Funds Rate is priced to increase modestly from an effective 3.62% to 3.97% by April 2027.
- 3.Australia's policy rate is expected to peak at 4.60% in February 2027 before a slight decline to 4.56% by May 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 Rate (FFR)Euro Short-Term Rate (€STR)Sterling Overnight Index Average (SONIA)
Themes
Global Monetary TighteningMarket Pricing Divergence
Regions
Asia PacificNorth AmericaEuropeNew ZealandUnited StatesAustralia