Macroeconomics

Download forecasts with data and variable definitions

Forecasts | Financial markets

Average for the last month in the period, unless otherwise specified

	Average 2000-2007	Average 2008-2019	Average 2020-2022	2023	2024	2025	2026
Interest rates
Dollar
Fed funds (lower limit)	3.18	0.54	0.67	5.25	4.25	3.50	3.00
3-month SOFR	3.62	1.01	1.07	5.37	4.37	3.71	3.10
12-month SOFR	3.86	1.48	1.48	4.95	4.19	3.48	3.10
2-year government bonds	3.70	1.04	1.21	4.46	4.24	3.51	3.50
10-year government bonds	4.69	2.57	1.76	4.01	4.40	4.14	4.50
Euro
ECB depo	2.05	0.20	-0.30	4.00	3.09	2.00	2.00
ECB ref	3.05	0.75	0.20	4.50	3.24	2.15	2.15
€STR	—	-0.54	-0.38	3.90	3.06	1.93	1.97
1-month Euribor	3.18	0.50	-0.32	3.86	2.89	1.92	2.03
3-month Euribor	3.24	0.65	-0.21	3.94	2.83	2.05	2.06
6-month Euribor	3.29	0.78	-0.07	3.93	2.63	2.14	2.11
12-month Euribor	3.40	0.96	0.10	3.68	2.44	2.27	2.18
Germany
2-year government bonds	3.41	0.35	-0.21	2.55	2.02	2.13	1.99
10-year government bonds	4.30	1.54	0.14	2.11	2.22	2.84	2.80
Spain
3-year government bonds	3.62	1.69	0.18	2.77	2.26	2.39	2.73
5-year government bonds	3.91	2.19	0.38	2.75	2.48	2.64	3.04
10-year government bonds	4.42	3.17	0.99	3.09	2.90	3.28	3.60
Risk premium	11	164	85	98	68	45	80
Portugal
3-year government bonds	3.68	3.33	0.07	2.33	2.03	2.16	2.21
5-year government bonds	3.96	3.94	0.35	2.42	2.15	2.49	2.68
10-year government bonds	4.49	4.67	0.96	2.74	2.68	3.14	3.50
Risk premium	19	314	82	63	46	31	70
Exchange rates
EUR/USD (dollars per euro)	1.13	1.26	1.13	1.09	1.05	1.17	1.20
EUR/GBP (pounds per euro)	0.66	0.84	0.87	0.86	0.83	0.86	0.90
EUR/JPY (yen per euro)	129.56	126.41	129.91	156.99	161.18	169.10	168.00
Oil price
Brent ($/barrel)	42.3	80.1	71.0	77.3	73.1	61.6	65.3
Brent (euros/barrel)	36.1	62.5	63.9	70.9	69.8	52.6	54.4

Forecast

Update date 09-02-2026