Triple Central Bank Week: Fed, BoE, and BoJ Decisions Dominate Markets

The Week Ahead: Week of September 15, 2025 (GMT+3)

Weekly Market Preview

The third week of September is dominated by central bank decisions, with the Federal Reserve, Bank of England, and Bank of Japan all set to deliver policy calls that could drive global markets. The week begins quietly with U.S. retail sales on Tuesday, offering an important gauge of consumer momentum after resilient July spending.

Wednesday is the main event, featuring UK and Eurozone inflation data in the morning, followed by the Bank of Canada decision, and capped with the Fed’s rate announcement and updated economic projections. With markets already pricing a quarter-point cut, attention will center on Chair Powell’s press conference and the dot plot for clues on whether this marks the start of a sustained easing cycle.

The spotlight then shifts to the BoE on Thursday, where policymakers face the dilemma of elevated inflation against faltering growth, while U.S. jobless claims and the Philadelphia Fed survey provide fresh signals on labor and manufacturing conditions. The week concludes with the BoJ on Friday, where speculation lingers on whether officials can keep policy loose as inflation stays above target and the yen remains under pressure.

Key Events to Watch:

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Wednesday, September 17 – 09:00
UK CPI YoY (Aug)
Previous: 3.8% | Forecast: N/A | Actual: N/A
UK inflation eased in July but remains well above target, driven by sticky services prices. Another strong print would complicate the BoE’s path toward eventual easing, reinforcing the need to hold rates higher for longer. A downside surprise, however, could strengthen the case for a near-term policy pivot, pressuring sterling.

Wednesday, September 17 – 12:00
Eurozone CPI YoY (Aug, Final)
Previous: 2.0% | Forecast: 2.1% | Actual: N/A
Eurozone inflation ticked up modestly in the flash estimate, underscoring the ECB’s delicate balance between weak growth and persistent price pressures. Markets will watch for confirmation. A higher revision could temper dovish ECB bets, while a softer outcome would strengthen the easing narrative.

Wednesday, September 17 – 16:45
BoC Interest Rate Decision
Previous: 2.75% | Forecast: N/A | Actual: N/A
The Bank of Canada kept policy restrictive amid stubborn housing-driven inflation and resilient employment. With growth cooling, investors expect no move, but the tone of the statement will be crucial—hawkish language could bolster CAD, while dovish guidance may invite weakness.

Wednesday, September 17 – 21:00 / 21:30
Federal Reserve Decision + Economic Projections + Press Conference
Previous Rate: 4.50% | Actual: N/A | Forecast: 4.25%
The Fed is widely expected to deliver a rate cut after signaling readiness to ease policy in response to cooling inflation and moderating labor markets. The focus will be on the dot plot and Powell’s press conference for clarity on whether this marks the start of a sustained easing cycle or a cautious adjustment. A more aggressive dovish tilt would weigh on the dollar and lift risk assets, while a cautious tone could limit market reaction.

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Thursday, September 18 – 14:00
BoE Interest Rate Decision (Sep)
Previous: 4.00% | Forecast: N/A | Actual: N/A
The BoE faces a difficult tradeoff as inflation remains elevated while growth momentum fades. With headline CPI easing but wage growth still hot, policymakers are likely to hold steady. A hawkish hold would support sterling, while dovish signals may open the door for earlier cuts.

Thursday, September 18 – 15:30
US Initial Jobless Claims
Previous: N/A | Forecast: N/A | Actual: N/A
Weekly claims remain an important real-time barometer of labor conditions. A sharp rise would reinforce slowing job market momentum, adding weight to Fed dovishness, while subdued figures would highlight resilience and complicate the policy path.

Thursday, September 18 – 15:30
Philadelphia Fed Manufacturing Index (Sep)
Previous: -0.3 | Forecast: N/A | Actual: N/A
The Philly Fed index slipped close to contraction in August, reflecting weakness in regional activity. September’s reading will provide insight into whether U.S. manufacturing is stabilizing or continuing to struggle under high borrowing costs.

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Friday, September 19 – 06:00
BoJ Interest Rate Decision
Previous: 0.50% | Forecast: N/A | Actual: N/A
The BoJ remains an outlier among major central banks, maintaining accommodative policy despite persistent yen weakness. With inflation stabilizing above target, pressure is mounting for policy normalization. Any hint of tightening could spark a sharp yen rebound, while continued dovishness risks further currency depreciation.