The expected rate path

Each point is the probability-weighted deposit rate after a meeting.

3.60%3.70%3.80%3.90%4.00%4.10%4.20%Jun 2026Sep 2026Dec 2026Mar 2027Jun 2027Sep 2027Earlier expectationsActual pathCurrently expected rate path3.82%3.82%3.86%3.86%3.96%3.96%4.00%4.00%4.07%4.07%4.10%4.10%4.12%4.12%4.13%4.13%4.12%4.12%

Expected upper bound of the target range per meeting

MeetingNow19 Aug 261 month ago19 Jul 263 months ago19 May 26
16 September 20263.82%
28 October 20263.86%
9 December 20263.96%
27 January 20274.00%
17 March 20274.07%
28 April 20274.10%
9 June 20274.12%
28 July 20274.13%
15 September 20274.12%