Rate cuts by year-endFed: 47 bps (95% probability of no change at the upcoming meeting) ECB: 25 bps (92% probability of no change at the upcoming meeting) BoE: 50 bps (83% probability of rate cut at the upcoming meeting) BoC: 17 bps (89% probability of no change at the upcoming meeting) RBA: 65 bps (92% probability of rate cut at the upcoming meeting)RBNZ: 37 bps (75% probability of rate cut at the upcoming meeting) SNB: 8 bps (85% probability of no change at the upcoming meeting)Rate hikes by year-endBoJ: 15 bps (99% probability of no change at the upcoming meeting)We had a few round trips last week with all the inflation and employment data but eventually expectations settled pretty much at the same levels. Today, we got a slightly more dovish repricing for the RBNZ after the lower than expected NZ CPI data but in the bigger picture it didn't change much.We are now in a period where we need stronger reasons to materially change expectations.investingLive.com (formerly ForexLive.com) is your new companion for the latest financial market news and analysis This article was written by Giuseppe Dellamotta at investinglive.com.