With all three major central banks acting as expected in their first monetary policy meetings of 2025, it’s worth taking stock of where each stand and what the market outlook is for interest rates. To recap, the US Fed held rates at current levels at its meeting, while both the ECB and Bank of England (BoE) cut by 25 basis points (bps). This leaves the Fed at 4.50-4.75%, the ECB Deposit Rate at 2.75% and the BoE at 4.50%. The growing divergence between the ECB and the other majors, in particular the Fed, explains some of the recent weakness in the euro, although geopolitical risks and general growth concerns have also weighed on the currency...