Wednesday’s Fed meeting is the highlight of the week with Chair Powell set to give details on the shift to average inflation targeting. Thursday’s Bank of England meeting could give some indication of whether there is any real consideration of implementing negative rates. The Bank of Japan also meets on Thursday, its first policy meeting since Prime Minister Shinzo Abe announced his resignation.

Several EM central banks will also hold policy meetings this week. The first is Poland on Tuesday, followed by Brazil on Wednesday, Indonesia, Taiwan and South Africa on Thursday, and Russia on Friday. South Africa is the only central bank expected to cut rates, all the rest are set to remain on hold.