What if central banks did not do what financial markets expect?

The financial markets currently expect: The Federal Reserve to make at least four 25 basis point cuts to the Fed Funds rate by the end of 2020; The ECB to not alter its key interest rates before the end of 2020. But this is not certain: The upturn in productivity gains in the United States has driven up potential growth, which does not suggest that interest rates should be cut. There is no sign of deteriorating borrower solvency; The ECB’s new management in 2020 might be more sensitive than the current management to the pitfalls of zero or negative interest rates. A correction of the market’s expectations for the central banks would of course lead to a steepening of yield curves.