Rates I Forecasts predict reduction cycle will begin as soon as this quarter
Rate change since hike cycle
5.25
5.25
5.25
4.90
4.25
4.25
3.41
3.00
2.50 0.25
-0.50
7%
6.50%
6%
5.75%
5.50% 5.50%
5%
5.00%
4%
4.35% 4.25%
3.42% 3.50%
3%
3.35%
2%
1%
0.25%
0%
Hong Kong United States New Zealand United Kingdom
Australia
Eurozone Singapore South Korea
India
Japan
China
Source: Various central bank websites (May 2024); Oxford Economics (May 2024) Note: Singapore rates refer to Singapore Overnight Rate Average (SORA), China rates refer to 1-year Loan Prime Rate (LPR)
Rate cuts this cycle Rate rises this cycle
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