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
92%
for a cut to 4.00–4.25%. The Fed cut to 4.00–4.25%.
Choose meeting
‹
30 Jul 25
hold
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%
day before meeting (16 Sep 25): 8% — 3.75–4.00%
3.75–4.00%
1 month earlier (15 Aug 25): 85% — 4.00–4.25%
85%
day before meeting (16 Sep 25): 92% — 4.00–4.25%
92%
4.00–4.25%
1 month earlier (15 Aug 25): 15% — 4.25–4.50%
15%
4.25–4.50%
1 month earlier (15 Aug 25)
day before meeting (16 Sep 25)
Probabilities over time
Vertical lines mark Fed rate decisions.
0%
25%
50%
75%
100%
no change
−25 bp
Aug
Sep
Oct
4.00–4.25%
4.00–4.25%
92%
92%
4.25–4.50%
4.25–4.50%
12%
12%
3.75–4.00%
3.75–4.00%
8%
8%
