HSBC's outlook for global interest rates, in one table

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Central Bank policy remains a key driver of financial market movements.

Given its importance on the performance of bonds, currencies, stocks and commodities in the future, it’s useful to know when meetings are coming up, and, more importantly, when policy is likely to change.

That’s exactly what HSBC’s global economics team has been evaluating, producing this excellent table that shows when major central bank’s will meet next, along with its assessment on when policy is likely to change.

Here it is.

Source: HSBC

Of note, HSBC sees the US Fed hiking rates in the final quarter of this year and once again in the first quarter of 2018; more tightening than financial markets currently expect but below the FOMC’s most recent forecasts.

Elsewhere, it sees the Bank of Canada adding to the two rate hikes already delivered this year, while it expects the Reserve Bank of Australia and Reserve Bank of New Zealand to begin policy normalisation in the first and third quarters of next year respectively.

In Western Europe, it sees rate hikes in Norway and Sweden in the second quarter of next year, while emerging market policy settings are likely to diverge with tightening expected in Israel, Chile and Colombia with rate cuts tipped for Russia, South Africa, Brazil, Peru and Argentina.

Wednesday week looms as a busy day with the Bank of Japan and US Federal Reserve both set to deliver monetary policy decisions.

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