The year 2025 saw short-term rates fall while long-term rates rose, ending - by March 2025 - two years of inversion of the euro swap curve.

On September 17, the U.S. Federal Reserve lowered the federal funds target rate by 0.25%

On June 5, 2025, the European Central Bank lowered its key interest rates by 0.25% for the eighth consecutive time, bringing the ECB's...

Analysis of the key developments in rates, FX, and inflation markets in 2025, their impact on businesses, and what to expect moving forward

Expectations of US short rates to 2026 have risen from 2.75% to 3.50%. A considerable shock.