Fed
ECB
Central Banks on hold, first cuts expected at the end of H1 2024
Rates %
6
5
4
3
2
1
0
-1
Source: Bloomberg as at 15 December 2023 Forecasts from Amundi Investment Institute. Fed is the Upper Fed Funds target range, ECB deposit rate
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024