Goldman Sachs Research summarizes its latest Fed and ECB calls following the June policy meetings.

"We expect the Fed to leave the policy rate unchanged at 3.5-3.75% this year, though the hawkish June FOMC meeting raises the risk of interest rate hikes later this year," GS notes.

"We expect the ECB to deliver one more 25bp hike in September to a peak policy rate of 2.5% before cutting back to 2% in 2027," GS adds.