The expected rate path

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

3.60%3.80%4.00%4.20%4.40%4.60%4.80%5.00%Aug 2026Nov 2026Feb 2027May 2027Aug 2027Nov 2027Earlier expectationsActual pathCurrently expected rate path4.06%4.06%4.27%4.27%4.37%4.37%4.55%4.55%4.64%4.64%4.74%4.74%4.77%4.77%4.81%4.81%4.82%4.82%4.84%4.84%

Expected upper bound of the target range per meeting

MeetingNow14 Oct 261 week ago7 Oct 261 month ago14 Sep 263 months ago14 Jul 26
28 October 20264.06%4.04%4.10%—
9 December 20264.27%4.25%4.27%—
27 January 20274.37%4.35%4.37%—
17 March 20274.55%4.50%4.53%—
28 April 20274.64%4.59%4.60%—
9 June 20274.74%4.69%4.68%—
28 July 20274.77%4.74%4.70%—
15 September 20274.81%4.78%4.70%—
27 October 20274.82%4.79%4.69%—
8 December 20274.84%4.77%——