We had been expecting next Thursday’s ECB meeting to be another non-event, but it now looks likely to provide some idea of how soon and how fast policymakers are willing to start cutting interest rates. We explain in this Weekly why we now expect five 25bp rate cuts next year, beginning in April. Meanwhile, we think the SNB will probably leave rates on hold in Switzerland next Thursday, and we are still predicting an off-trend rate hike on the same day by the Norges Bank.
Note: We’ll be discussing the Fed, ECB and Bank of England December decisions and the policy outlook for 2024 in an online briefing on Thursday, 14th December. Click here to register for the 20-minute session.
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