Central Banks Outlook: June Policy Decisions

OCBC predicts a mixed June for central banks, with the Fed, BoE, and RBA holding rates while the ECB, BoJ, and RBNZ are expected to hike or signal tighter policy.

Key Takeaways

• 1.The Fed is expected to maintain the funds rate at 3.50-3.75%, potentially shifting its bias from easing to neutral.
• 2.The ECB and BoJ are both expected to deliver 25bp rate hikes in June, with the BoJ hike described as 'long overdue'.
• 3.RBNZ has pivoted to an explicitly hawkish stance, with multiple 25bp hikes forecast through Q1 2027.

Table of Contents

• Interest Rates Focus
• Fed
• ECB
• BoE
• BoJ
• RBA
• RBNZ
• Disclaimers

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