It is a big central bank week with the FOMC meeting concluding on Wednesday, while four of the bigger European central banks report/decide on Thursday.

Find our brief guided tour around the five meetings below.

US: Can the Fed pause with accelerating inflation? 

Nothing is priced for this meeting but we expect the updated projections to include another hike in the modal outcome from the FOMC members. A little less than 12 bps are priced cumulatively ahead of New Years, which seems oddly low given the re-acceleration in both energy prices and core measures such as the Powell-flation metric.

Risk/reward: Hawkish leaning

Chart 1: Powell-flation