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Our analysts’ views on this week’s central bank meetings

28 January 2025

Interest rate decisions are due from the Federal Reserve, European Central Bank, Bank of Canada, Sweden's Riksbank, and the National Bank of Hungary this week. Here's what our analysts are expecting

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Federal Reserve set for an extended pause

The Fed has signalled it needs evidence of economic weakness and more subdued inflation prints to justify further policy loosening

FX Rates

January ECB cheat sheet: Expect the expected

ECB members have given strong hints that this Thursday's decision will be a 25bp rate cut

An ECB rate cut next week looks like a no-brainer

ECB set to cut rates again at January meeting

FX Canada

Bank of Canada set to tread carefully with a 25bp cut

The BoC is likely to cut the policy rate 25bp, but with potential US trade tariffs weighing on the growth outlook, we could see a return to more aggressive…

FX Sweden

Sweden's Riksbank rate cut cycle nears its end as economy shows signs of…

Expect another rate cut this month and another in either March or May

Hungary

NBH Preview: New year, same story

Given the current fragile state of financial markets, we do not see any room for rate cuts in Hungary in the near future

USD US Treasuries Swedish krona Sweden central bank Riksbank NBH National Bank of Hungary Monetary policy Monetary Policy Interest rates Interest rates Inflation Hungary GDP Federal Reserve

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This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.
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