Market continues to price in rate cuts

5%

4%

3%

2%

1%

0%

Dec-25, 2.44%

Forward policy rate expectation

Jan-22      Apr-22      July-22      Oct-22      Jan-23      Apr-23      Jul-23      Oct-23      Jan-24      Apr-24      July-24      Oct-24      Jan-25      Apr-25      July-25      Oct-25

Source: Bloomberg, Mackenzie Investments. Data as at January 31, 2025.

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