Fed funds long-run expectations GTM –UK | 14 Market expectations of Fed funds rate % 7 Mar 2001 y 6 Mar 2006 Mar 2008 5 Global econom4 Mar 2012 3 Dec 2016 2 Sep 2016 1 0 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25 Source: Bloomberg, J.P. Morgan Asset Management. The lines show the market expectation for the path of interest rates at the stated date. Values shown are from the last day of the month. Guide to the Markets - UK. Data as of 31 December 2016. 14