5%

First cut

since 2020,

0.5

percentage

points

4

3

Interest rate

Mid-point of the

range shown

2

1

0

2020

2021

2022

2023

2024

10%

8

Inflation

rate

6

Cooled from

its 2022

peak

4

2

0

2020

2021

2022

2023

2024

5%

First cut

since 2020,

0.5 percentage

points

4

3

Interest rate

Mid-point of the

range shown

2

1

0

2020

2021

2022

2023

2024

10%

8

Inflation rate

6

Cooled from

its 2022 peak

4

2

0

2020

2021

2022

2023

2024

5%

First cut

since 2020,

0.5 percentage

points

4

3

Interest rate

Mid-point of the

range shown

2

1

0

2020

2021

2022

2023

2024

10%

8

Inflation rate

6

Cooled from

its 2022 peak

4

2

0

2020

2021

2022

2023

2024

5%

First cut since 2020,

0.5 percentage points

4

3

Interest rate

Mid-point of the

range shown

2

1

0

2020

2021

2022

2023

2024

10%

8

6

Cooled from

its 2022 peak

Inflation rate

4

2

0

2020

2021

2022

2023

2024

5%

First cut since 2020,

0.5 percentage points

4

3

Interest rate

Mid-point of the

range shown

2

1

0

2020

2021

2022

2023

2024

10%

8

6

Cooled from

its 2022 peak

Inflation rate

4

2

0

2020

2021

2022

2023

2024

Cut 0.5

points

2020

2021

2022

2023

2024