Three lines show the monetary policy rates set by three central banks—the Federal Reserve, the European Central Bank, and the Bank of England—from January 2000 through May 2024, then forecasts thereafter through December 2025. The lines tend to move in the same direction but not by the same magnitude. The three lines are flat in August 2023, but they start diverging in June 2024, when the ECB started to cut interest rates. The Bank of England is projected to follow in July or August 2024. The U.S. isn’t projected to start cuts until early 2025, when the three lines are again moving in the same direction.