ECB
Fed
DE
EN
Overview
Meeting details
Fed target range
Rate path
Forecast vs. reality
Data as of 19 August 2026
The day before, markets priced
98%
for a cut to 4.25–4.50%. The Fed cut to 4.25–4.50%.
Choose meeting
‹
18 Dec 24
−25 bp
17 Sep 25
−25 bp
29 Oct 25
−25 bp
10 Dec 25
−25 bp
28 Jan 26
3.50–3.75% · 96%
18 Mar 26
3.50–3.75% · 98%
29 Apr 26
3.50–3.75% · 100%
17 Jun 26
3.50–3.75% · 96%
29 Jul 26
3.50–3.75% · 69%
today
16 Sep 26
3.50–3.75% · 72%
28 Oct 26
3.50–3.75% · 59%
9 Dec 26
3.75–4.00% · 45%
27 Jan 27
3.75–4.00% · 44%
17 Mar 27
3.75–4.00% · 40%
28 Apr 27
3.75–4.00% · 38%
9 Jun 27
3.75–4.00% · 37%
28 Jul 27
3.75–4.00% · 36%
15 Sep 27
3.75–4.00% · 35%
all dates →
›
How the expectation has shifted
0%
25%
50%
75%
100%
3 months earlier (17 Sep 24): 20% — 3.75–4.00%
20%
3.75–4.00%
3 months earlier (17 Sep 24): 43% — 4.00–4.25%
43%
4.00–4.25%
3 months earlier (17 Sep 24): 30% — 4.25–4.50%
30%
1 month earlier (15 Nov 24): 62% — 4.25–4.50%
62%
1 week earlier (10 Dec 24): 89% — 4.25–4.50%
89%
day before meeting (17 Dec 24): 98% — 4.25–4.50%
98%
4.25–4.50%
3 months earlier (17 Sep 24): 7% — 4.50–4.75%
1 month earlier (15 Nov 24): 38% — 4.50–4.75%
38%
1 week earlier (10 Dec 24): 11% — 4.50–4.75%
11%
day before meeting (17 Dec 24): 2% — 4.50–4.75%
4.50–4.75%
3 months earlier (17 Sep 24)
1 month earlier (15 Nov 24)
1 week earlier (10 Dec 24)
day before meeting (17 Dec 24)
Probabilities over time
Vertical lines mark Fed rate decisions.
0%
25%
50%
75%
100%
−25 bp
−25 bp
Nov
Dec
2025
4.25–4.50%
4.25–4.50%
98%
98%
4.75–5.00%
4.75–5.00%
32%
32%
4.00–4.25%
4.00–4.25%
7%
7%
4.50–4.75%
4.50–4.75%
2%
2%
