How accurate are market expectations for short-term interest rates?

Financial markets currently expect only a moderate rise in interest rates in the United States, the euro zone and the United Kingdom, despite the high level of inflation and the prospect of it remaining high . Are financial markets reliably informing us that central banks are going to raise interest rates only moderately? We look at the accuracy and reliability of market expectations for short-term interest rates in the past. We see that 3-month interest rate contracts in the United States, the United Kingdom and the euro zone have a predictive value only six or even three months before maturity, which is very little. Contracts have very little predictive value one to two years out , which is important to bear in mind when analysing these market forecasts.