The Federal Reserve and the European Central Bank delivered interest rate rises this week, but investors now expect rate setters in the US and the eurozone to move in opposite directions.
Following 10 consecutive rate rises, markets predict the Fed has finished its tightening cycle and could start cutting rates as soon as July, as it shifts its focus from curbing high inflation to soothing a slowing economy.
The ECB, which started increasing rates four months later, is expected to lift borrowing costs at least one, and probably two more times this year, according to the overnight index swap market, which sets prices based on investors’ expectations of future official interest rates.
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