A line chart shows the progression of central bank policy rates in the United States, the United Kingdom, the euro area, and Australia from 2005 through October 2023, and Vanguard forecasts for rates through 2025. It shows rates at heights, ranging from 3% to more than 7%, in 2007 and 2008. Rates flatten out to a range below zero to 2.375% in the United States, United Kingdom and euro area in much of the 2010s; rates in Australia fall back more gradually in the period. In 2020 they fall to near or below zero in all regions, and then they rise in 2022, reaching peaks in a range of 4%–5.375%. From that point forward the chart shows Vanguard forecasts for rates in the United States rising to 5.625% in 2024 before falling to 2.625% at the end of 2025; for rates in the euro area falling from 4% to 2.25% in the euro area; for rates in the United Kingdom rising to 5.5% in 2024 before falling to 3.25%; and for rates in Australia rising to 4.6% in 2024 before falling to 3.6%.