Higher forever? Markets see few rate cuts after 2024

Borrowers looking for relief from higher interest rates may be set for disappointment with financial markets indicating rates will stay elevated for years to come. However much they fall in 2024, pricing in money markets highlights a view that the decade of near-zero interest rates prevailing after the great financial crisis is unlikely to return while inflationary pressures and government spending stay high. That risks further pain for many public and private borrowers who locked in past lower rates and have yet to feel the full impact of the record-paced central bank hikes of the last two years.