Sure, the RBA froze interest rates on Tuesday, but there's plenty of pain to come 
Interest rates: Monetary policy is always political as central banks opt to back the financial sector 
Will the RBA raise rates again? Unless prices surge over summer, it's looking less likely 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Why central banks are too powerful and have created our inflation crisis 
If central banks don't start cutting them soon, it could actually increase inflation 
Governments have been able to overrule the Reserve Bank for 80 years. Why stop now? 
FOMC increased interest rates in March, June and in September. Increased its forecast from three rate hikes in 2018 to four rate hikes. September decision was unanimous. Current Federal funds rate - 200-225 bps (Note, all calculations are based on data as of 19th November)
- December 2018 meeting: Market is attaching 27.7 percent probability that rates will be at 2.00-2.25 percent, and, 72.3 percent probability that rates will be at 2.25-2.50 percent.
- January 2019 meeting: Market is attaching 26.5 percent probability that rates will be at 2.00-2.25 percent, 70.4 percent probability that rates will be at 2.25-2.50 percent, and 3.1 percent probability that rates will be at 2.50-2.75 percent.
- March 2019 meeting: Market is attaching 12.8 percent probability that rates will be at 2.00-2.25 percent, 47.7 percent probability that rates will be at 2.25-2.50 percent, and 37.9 percent probability that rates will be at 2.50-2.75 percent, and 1.6 percent probability that rates will be at 2.75-3.00 percent.
- May 2019 meeting: Market is attaching 11.5 percent probability that rates will be at 2.00-2.25 percent, 44.2 percent probability that rates will be at 2.25-2.50 percent, and 38.9 percent probability that rates will be at 2.50-2.75 percent, and 5.4 percent probability that rates will be at 2.75-3.00 percent.
- June 2019 meeting: Market is attaching 7.5 percent probability that rates will be at 2.00-2.25 percent, 32.8 percent probability that rates will be at 2.25-2.50 percent, and 40.7 percent probability that rates will be at 2.50-2.75 percent, 17 percent probability that rates will be at 2.75-3.00 percent, 2 percent probability that rates will be at 3.00-3.25 percent.
- July 2019 meeting: Market is attaching 6.7 percent probability that rates will be at 2.00-2.25 percent, 30.2 percent probability that rates will be at 2.25-2.50 percent, and 39.9 percent probability that rates will be at 2.50-2.75 percent, 19.5 percent probability that rates will be at 2.75-3.00 percent, 3.5 percent probability that rates will be at 3.00-3.25 percent, and 0.2 percent probability that rates will be at 3.25-3.50 percent.
- September 2019 meeting: Market is attaching 5.5 percent probability that rates will be at 2.00-2.25 percent, 25.8 percent probability that rates will be at 2.25-2.50 percent, and 38.1 percent probability that rates will be at 2.50-2.75 percent, 23.2 percent probability that rates will be at 2.75-3.00 percent, 6.4 percent probability that rates will be at 3.00-3.25 percent, and 0.9 percent probability that rates will be at 3.25-3.50 percent.
- October 2019 meeting: Market is attaching 5 percent probability that rates will be at 2.00-2.25 percent, 24.1 percent probability that rates will be at 2.25-2.50 percent, and 37.1 percent probability that rates will be at 2.50-2.75 percent, 24.5 percent probability that rates will be at 2.75-3.00 percent, 7.9 percent probability that rates will be at 3.00-3.25 percent, and 1.4 percent probability that rates will be at 3.25-3.50 percent.
The probability is suggesting,
- Since our last review a week ago, the probabilities have significantly eased.
- The market is pricing the fourth hike in December with 72.3 percent probability compared to 75.8 percent a week ago.
- The first rate hike of 2019 is priced in March with 39.5 percent probability, compared to 53.6 percent a week ago.
- The second hike for 2019 is now priced in September with a 30.5 percent probability, compared to 50.5 percent a week ago.
