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 2020-2023	2024	2025	2026	2027
Interest rates
Dollar
Fed funds (lower limit)	3.18	0.54	1.75	4.25	3.50	3.50	3.00
3-month SOFR	3.62	1.01	2.09	4.37	3.71	3.72	3.21
12-month SOFR	3.86	1.48	2.39	4.19	3.48	3.57	2.95
2-year government bonds	3.70	1.04	2.06	4.24	3.51	3.90	3.85
10-year government bonds	4.69	2.57	2.31	4.40	4.14	4.60	4.65
Euro
ECB depo	2.05	0.20	0.61	3.09	2.00	2.25	2.00
ECB ref	3.05	0.75	1.11	3.24	2.15	2.40	2.15
€STR	—	-0.54	0.52	3.06	1.93	2.18	1.93
1-month Euribor	3.18	0.50	0.57	2.89	1.92	2.25	2.00
3-month Euribor	3.24	0.65	0.70	2.83	2.05	2.28	2.04
6-month Euribor	3.29	0.78	0.87	2.63	2.14	2.37	2.14
12-month Euribor	3.40	0.96	1.04	2.44	2.27	2.47	2.26
Germany
2-year government bonds	3.41	0.35	0.56	2.02	2.13	2.25	2.07
10-year government bonds	4.30	1.54	0.72	2.22	2.84	2.95	2.90
Spain
3-year government bonds	3.62	1.69	0.92	2.26	2.39	2.74	2.66
5-year government bonds	3.91	2.19	1.07	2.48	2.64	3.00	2.96
10-year government bonds	4.42	3.17	1.61	2.90	3.28	3.45	3.50
Risk premium	11	164	90	68	45	50	60
Portugal
3-year government bonds	3.68	3.33	0.76	2.03	2.16	2.33	2.23
5-year government bonds	3.96	3.94	0.98	2.15	2.49	2.72	2.67
10-year government bonds	4.49	4.67	1.52	2.68	3.14	3.40	3.45
Risk premium	19	314	81	46	31	45	55
Exchange rates
EUR/USD (dollars per euro)	1.13	1.26	1.12	1.05	1.17	1.11	1.15
EUR/GBP (pounds per euro)	0.66	0.84	0.87	0.83	0.88	0.90	0.90
EUR/JPY (yen per euro)	129.56	126.41	135.43	161.18	182.71	180.00	175.00
Oil price
Brent ($/barrel)	42.3	80.1	73.8	73.1	61.6	73.3	70.9
Brent (euros/barrel)	36.1	62.5	67.0	69.8	52.6	66.1	61.6

Forecast

Update date 07-09-2026