Rate hikes by year-endECB: 46 bps (99% probability of rate hike at the next meeting)2027: 73 bps BoJ: 42 bps (75% probability of rate hike at the next meeting)2027: 111 bpsFed: 33 bps (50% probability of rate hike at the next meeting)2027: 46 bpsRBA: 30 bps (69% probability of rate hike at the next meeting)2027: 32 bpsBoE: 26 bps (91% probability of no change at the next meeting)2027: 66 bpsBoC: 26 bps (67% probability of no change at the next meeting)2027: 99 bpsRBNZ: 25 bps (76% probability of no change at the next meeting)2027: 86 bps SNB: 5 bps (99% probability of no change at the next meeting)2027: 44 bpsLast week's market pricing hereThe 2027 pricing indicates the total amount of tigthening expected by the end of 2027, not how much is expected in 2027 alone.The most notable shifts in market pricing happened on the RBNZ, BoC and the Fed side. The RBNZ raised interest rates by 25 bps as expected but the statement contained less hawkish language, and the new OCR projections were left mostly unchanged. Relative to expectations, the overall decision was more dovish than expected. In fact, in July, the meeting minutes accompanying the statement said "the Committee agreed that while further OCR increases appear likely at upcoming meetings, their timing is highly uncertain". This week, they said "future policy will depend on the Committee’s judgement of the balance of risks to medium-term inflation. This approach allows the Committee to observe and assess the effects of reduced monetary stimulus". This indicates that there's less appetite for tightening.The BoC left interest rates unchanged as expected but the statement contained a more hawkish language. The central bank removed the reference to the policy rate being "appropriate" in the statement and warned that upside risks to inflation have increased. Governor Macklem surprisingly downplayed the recent US tariffs and noted that businesses have adjusted to tariffs and uncertainty. In the previous meetings, the BoC noted that US tariffs were important for policy decisions. The market interpreted the decision as more hawkish than expected. Lastly, there's been lots of volatility in Fed interest rate pricing since Warsh's speech at the Jackson Hole Symposium. Following his hawkish speech, the odds for a rate hike in September rose to 67%, but then stabilised around 60%. Fed Governor Waller yesterday triggered a dovish repricing, lowering the probabilities to 50%. While he adopted a more hawkish stance at the beginning of the summer, yesterday he sounded less inclined to raise rates. He said that he has finally been seeing signs of disinflation and added that he would not want to raise rates into a disinflationary environment. He said he would be willing to wait another month to “give disinflation a chance”. He also mentioned that the September rate decision will depend on the upcoming CPI report. If the data comes in hot, he would consider a rate hike. This article was written by Giuseppe Dellamotta at investinglive.com.