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Visualized: Interest Rate Forecasts for Advanced Economies

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This line chart shows the interest rate forecasts for advanced economies based on projections from the IMF.

Interest Rate Projections for Advanced Economies

While U.S. inflation cooled in the second half of last year, price pressures returned in 2024, leading investors to rethink how soon central bankers will cut rates.

Despite the recent increase, the interest rate forecast for many economies looks optimistic, thanks to subdued energy price shocks and abating supply chain disruptions. Still, short-term risks remain, including persistently high services inflation clouding the outlook.

This graphic shows the interest rate forecast for advanced economies, based on the International Monetary Fund’s (IMF) 2024 World Economic Outlook.

Get the Key Insights of the IMF’s World Economic Outlook

Want a visual breakdown of the insights from the IMF’s 2024 World Economic Outlook report?

This visual is part of a special dispatch of the key takeaways exclusively for VC+ members.

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A Closer Look at the IMF Interest Rate Forecast

Below, we show the projected path of interest rates based on the IMF’s latest data:

Federal ReserveECBBank of JapanBank of England
Q1 20245.4%4.0%-0.1%5.3%
Q2 20245.3%3.9%0.0%5.3%
Q3 20245.0%3.7%0.0%5.0%
Q4 20244.7%3.4%0.1%4.8%
Q1 20254.5%3.2%0.1%4.5%
Q2 20254.3%3.0%0.1%4.3%
Q3 20254.1%2.7%0.1%4.0%
Q4 20253.9%2.7%0.2%3.8%
Q1 20263.7%2.6%0.3%3.5%
Q2 20263.5%2.6%0.4%3.5%
Q3 20263.3%2.6%0.4%3.5%
Q4 20263.1%2.6%0.6%3.5%
Q1 20272.9%2.6%0.6%3.5%
Q2 20272.9%2.6%0.6%3.5%
Q3 20272.9%2.6%0.6%3.5%
Q4 20272.9%2.6%0.6%3.5%
Q1 20282.9%2.6%0.6%3.5%
Q2 20282.9%2.6%0.6%3.5%
Q3 20282.9%2.6%0.6%3.5%
Q4 20282.9%2.6%0.6%3.5%

As we can see, the U.S. is forecast to see its first rate cut in the second quarter of 2024.

Broadly speaking, rates will be cut very gradually, with two additional rate cuts anticipated for this year. By 2027, interest rates are projected to fall to 2.9% after a series of moderate rate cuts as inflation dissipates.

Like the U.S., the European Central Bank is forecast to cut rates in the second quarter of 2024, with rates set to fall to 2.6% by 2026. While inflation has cooled at a faster rate across Europe compared to the U.S., GDP growth is also projected to be more muted. This year, the IMF projects that GDP across the euro area will increase just 0.8% versus 2.7% for the U.S. economy.

In the UK, monetary easing is projected to move more gradually, with the first cut projected for the third quarter of this year. Growth across the UK economy is projected to be tepid for 2024, weighed down by the impact of higher rates, lower productivity, and sluggish investment growth.

Rates Rising Slowly in Japan

After years of enduring negative interest rates, Japan raised its short-term policy rate to 0.0-0.1% in March 2024.

This was due in part to a promising inflation outlook over the coming years. The IMF projects that the next rate hike will take place in the fourth quarter of 2024, as it moves away from a multi-decade battle with deflation.

Get the Full Analysis of the IMF’s Outlook on VC+

This visual is part of an exclusive special dispatch for VC+ members which breaks down the key takeaways from the IMF’s 2024 World Economic Outlook.

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Sports

Ranked: Which NHL Team Takes Home the Most Revenue?

The Oilers are the second-highest earning team in the NHL and the Panthers are 26th. We show the top teams in the NHL by revenue in 2023.

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Visualization of NHL team revenues

Which NHL Team Takes Home the Most Revenues?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This graphic shows every NHL team’s revenue from the 2022/23 season using data from Forbes, compiled by JP Morgan Asset Management.

Ranked: The Highest-Earning NHL Teams

As the final round of the Stanley Cup Playoffs wears on, two teams on different ends of the revenue spectrum face off.

Despite representing a much smaller city than the other teams at the top of the ranking, the Edmonton Oilers have the second highest revenue in the league at $281 million. The Oilers have seen the fastest revenue growth over the past five years (13%) as the team has improved.

Team2022-23 Season RevenueValuation
Toronto Maple Leafs$281M$2.8B
Edmonton Oilers$281M$1.9B
Los Angeles Kings$279M$2.0B
New York Rangers$265M$2.7B
Montreal Canadiens$265M$2.3B
New Jersey Devils$240M$1.5B
Boston Bruins$239M$1.9B
Vegas Golden Knights$233M$1.1B
Chicago Blackhawks$228M$1.9B
Philadelphia Flyers$219M$1.7B
Washington Capitals$218M$1.6B
Dallas Stars$210M$1.1B
Pittsburgh Penguins$207M$1.2B
Detroit Red Wings$199M$1.2B
Vancouver Canucks$198M$1.3B
Seattle Kraken$197M$1.2B
Tampa Bay Lightning$196M$1.3B
Minnesota Wild$185M$1.1B
St Louis Blues$184M$1.0B
New York Islanders$183M$1.6B
Calgary Flames$183M$1.1B
Colorado Avalanche$182M$1.2B
Nashville Predators$180M$1.0B
Carolina Hurricanes$177M$0.8B
Anaheim Ducks$164M$0.9B
Winnipeg Jets$162M$0.8B
Florida Panthers$161M$0.8B
Buffalo Sabres$159M$0.8B
San Jose Sharks$158M$0.9B
Columbus Blue Jackets$151M$0.8B
Ottawa Senators$128M$1.0B
Arizona Coyotes$120M$0.5B

In the 2022/23 season, the Florida Panthers pulled off a major upset in the first round of the playoffs and fought their way to the finals before losing to the Vegas Golden Knights.

Despite the success last season, the Panthers still find themselves in the bottom six in this ranking, with $161 million in revenue. The team also has the second lowest operating income in the league, after Ottawa. Florida is an emerging hockey market though, with revenue increasing 9% over the past five years.

Other Hockey Revenue Highlights

  • Along with the Oilers, the Toronto Maple Leafs sit at the top of the revenue ranking. There is a key difference though: the Maple Leafs have a higher valuation-to-revenue multiple (10x vs 6.6x).
  • Professional hockey remains attractive to advertisers. In the 2022/23 season, team-specific sponsorship revenue was 36% higher than in 2018/19.
  • The team with the lowest revenue, the Arizona Coyotes, will be moving to Utah next season.
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