Fed pressing on with rate hikes, others well behind

Fed officials look increasingly confident in their plans to raise interest rates twice more this year while ECB officials are on course to end their asset purchases by December. Next year, though, we expect the Fed to raise rates only two more times before ending its tightening cycle and the ECB is likely to begin raising rates gradually around September. Meanwhile, the Bank of Japan will leave its policy rates unchanged for the foreseeable future.