ECB
Fed
DE
EN
Overview
Meeting details
Fed target range
Rate path
Forecast vs. reality
Data as of 5 October 2026
The day before, markets priced
92%
for a cut to 3.50–3.75%. The Fed cut to 3.50–3.75%.
Choose meeting
‹
17 Sep 25
−25 bp
29 Oct 25
−25 bp
10 Dec 25
−25 bp
28 Jan 26
hold
18 Mar 26
hold
29 Apr 26
hold
17 Jun 26
hold
29 Jul 26
hold
16 Sep 26
+25 bp
today
28 Oct 26
3.75–4.00% · 79%
9 Dec 26
4.00–4.25% · 67%
27 Jan 27
4.00–4.25% · 47%
17 Mar 27
4.25–4.50% · 44%
28 Apr 27
4.50–4.75% · 35%
9 Jun 27
4.50–4.75% · 35%
28 Jul 27
4.50–4.75% · 33%
15 Sep 27
4.50–4.75% · 31%
27 Oct 27
4.50–4.75% · 30%
8 Dec 27
4.50–4.75% · 30%
all dates →
›
How the expectation has shifted
0%
25%
50%
75%
100%
1 month earlier (7 Nov 25): 66% — 3.50–3.75%
1 week earlier (2 Dec 25): 96% — 3.50–3.75%
day before meeting (9 Dec 25): 92% — 3.50–3.75%
92%
3.50–3.75%
result
1 month earlier (7 Nov 25): 34% — 3.75–4.00%
1 week earlier (2 Dec 25): 4% — 3.75–4.00%
day before meeting (9 Dec 25): 8% — 3.75–4.00%
8%
3.75–4.00%
1 month earlier (7 Nov 25)
1 week earlier (2 Dec 25)
day before meeting (9 Dec 25)
Probabilities over time
Vertical lines mark Fed rate decisions.
0%
25%
50%
75%
100%
−25 bp
−25 bp
Nov
Dec
2026
3.50–3.75%
3.50–3.75%
96%
96%
result
3.75–4.00%
3.75–4.00%
4%
4%
4.00–4.25%
4.00–4.25%
3%
3%
3.25–3.50%
3.25–3.50%
0%
0%
