FIXED INCOME
Eurozone and US rate cut expectations are diverging
US 10y rates up 106bps since the Federal Reserve cut in September while Germany unchanged
Rate expectations at end of 2025
10y nominal rates
5,0%
Titre du graphique
Current policy rate – Fed
5,0%
4,5%
4,5%
4,0%
4,0%
3,5%
3,5%
Current deposit rate – ECB
3,0%
3,0%
2,5%
2,5%
2,0%
2,0%
1,5%
1,5%
1,0%
1,0%
0,5%
0,5%
0,0%
0,0%
01-24
03-24
05-24
07-24
09-24
11-24
01-24
03-24
05-24
07-24
09-24
11-24
Euribor 3M SOFR 3M
Germany
United States
Public Sources : Rothschild & Co Asset Management, Bloomberg – 31/12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behavior. This data is provided for illustrative purposes only. Depending on the date of issue, the information presented may differ from the updated data
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