What are the interest rates expectations ahead of the tariffs announcement

Rate cuts by year-end

• Fed: 76 bps (81% probability of no change at the upcoming meeting)
• ECB: 63 bps (81% probability of rate cut at the upcoming meeting)
• BoE: 53 bps (70% probability of rate cut at the upcoming meeting)
• BoC: 58 bps (61% probability of no change at the upcoming meeting)
• RBA: 72 bps (60% probability of rate cut at the upcoming meeting)
• RBNZ: 68 bps (82% probability of rate cut at the upcoming meeting)
• SNB: 14 bps (74% probability of no change at the upcoming meeting)

Rate hikes by year-end

• BoJ: 31 bps (83% probability of no change at the upcoming meeting)