Markets remain of the view in the aftermath of the last week’s Fed and ECB policy meetings - which saw them both raise rates by 25bps - that the rate hiking cycles in the US and Eurozone have either drawn to a close or are very close to the end. US futures contracts see Fed rates rising by just a further 9bps over the remainder of the year, bringing them up to 5.42%. This is still within the new 5.25-5.50% range for the fed funds rate, and implies no further increase in official rates.