Richmond Federal Reserve (Fed) President Thomas Barkin said on Tuesday that the Federal Open Market Committee (FOMC) decided to raise interest rates last Wednesday because inflation risks outweighed those to maximum employment.

National Bank of Canada's Ethan Currie notes that while oil-driven inflation risks have increased, the Bank of Canada is likely to remain on hold in October as domestic slack and trade uncertainty continue to weigh on the economic outlook.

The US President Donald Trump said at the UN General Assembly that “we must be united in maintaining pressure on Iran,” adding that he believes that the US and Iran will strike a deal, following the US elections.

TD Securities economists Oscar Munoz and Eli Nir provide an early projection for United States (US) September Consumer Price Index (CPI , expecting Headline CPI to rise 0.54% m/m, driven mainly by an almost 8% jump in gasoline and firmer food prices.

Boston Federal Reserve (Fed) President Susan Collins said on Tuesday that she supported last week’s interest-rate hike and sees a somewhat more restrictive policy stance as appropriate to bring inflation sustainably back to the Fed's 2% target.

DBS Group Research economist Radhika Rao assesses India’s strong start to FY27, with high-frequency data pointing to around 7% growth in 2QFY and full-year FY27 growth of 7.3% year-on-year.

Deutsche Bank Research’s UK economists Sanjay Raja and Maui Brennan have shifted their BoE base case from no hikes to two 25bp moves, in November and February. They argue Bank Rate is already restrictive, inflation is largely energy-driven, and second‑round effects remain limited.

Standard Chartered’s Nicholas Chia now expects the Reserve Bank of Australia (RBA) to raise the cash rate to 4.60% at its 29 September meeting, revising a previous call for a hold. Chia cites recent RBA messaging focused on upside inflation risks and resilient economic momentum.

Private-sector hiring in the US has gained some pace in early September. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 20K jobs per week in the four weeks ending September 5.

Societe Generale analysts describe EUR/HUF as consolidating above the 360 area after an interim low near 348 in June. The pair is capped by the 200-day moving average at 370/371, with a breakout above this zone needed to confirm a larger up-move.

Commerzbank’s Volkmar Baur expects the South African Reserve Bank (SARB) to deliver a 25 basis point rate hike after surprising markets by holding rates in July.

ING’s Frantisek Taborsky expects the National Bank of Hungary to pause its mini easing cycle at 5.50% and possibly outline a two-step cut in its inflation target from 3.0% to 2.0%.

John Velis at BNY Markets argues that current US inflation is being driven by non-rate-sensitive components of core PCE, limiting how effective further Federal Reserve tightening can be.

Here is what you need to know on Tuesday, September 22:

ING’s Francesco Pesole notes EUR/GBP has held a tight 0.855–0.860 range since early September after a Bank of England (BoE) meeting that did not strongly challenge aggressive market tightening expectations.

Deutsche Bank strategists highlight a strong risk-on session in US equities, with the S&P 500 up over 1% and back in positive territory for September, sitting less than half a percent below its all-time high.

Antje Praefcke at Commerzbank highlights that the Hungarian Central Bank is widely expected to leave its key rate at 5.50% and possibly lower its inflation target to 2.5%.

EUR/CAD depreciates after three days of gains, trading around 1.6080 during early European hours on Tuesday. The currency cross is losing ground as the commodity-linked Canadian Dollar (CAD) draws strength on higher oil prices, which could be attributed to the heightened market caution.

Danske Research Team describes a strong, broad-based risk-on session in equities, catalyzed by declining Oil price.

Reserve Bank of Australia (RBA) Governor Michele Bullock said in a statement released during the Asian trading session on Tuesday that supply shocks are difficult for monetary policy to deal with. Bullock added, “Policy needs to deal with second-round effects on inflation.”

Reserve Bank of New Zealand (RBNZ) Governor Anna Breman said on Tuesday that if higher oil prices persist, they are expected to result in somewhat higher near-term inflation than assumed in the September statement.

West Texas Intermediate (WTI) oil price halts its four-day losing streak, trading around $92.30 per barrel during the Asian hours on Tuesday. However, crude oil prices may face further challenges amid easing supply concerns in the Middle East and growing diplomatic efforts to end the US-Iran war.

The Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter confirmed the need for further rate hikes this year, to keep inflation in check. This has increased the chances for a rate increase at the September 29 meeting.

Yemen’s Houthis pushed to seize strategic heights in Yemen on Monday to cut off the Red Sea coast from remaining areas held by Saudi-backed forces, after a report that US President Donald Trump had called off US strikes on the group at the last minute, Reuters reported.

The European Central Bank (ECB) Chief Economist Philip Lane stated that the European economy will expand steadily at a moderate pace if the energy shocks ease, according to Le Temps.

On Monday, Boston Fed President Susan Collins said that the resumption of hostilities in the Middle East was a key reason for supporting the increase in the Fed funds rate last week.

UOB’s Jester Koh assesses Singapore’s soft labour market and its implications for Monetary Authority of Singapore policy. The Labour Market Pressure Index shows rising slack, which UOB links to weaker passthrough of supply-side shocks into inflation.

OCBC’s Christopher Wong notes that Indonesia’s appointment of Finance Minister Suahasil Nazara signals fiscal continuity and discipline, helping to reduce domestic risk premia for the Rupiah.

Commerzbank’s Henry Hao and Moses Lim highlight that Singapore’s August NODX growth was the strongest since 1998, driven by surging electronics and robust AI-related demand. They expect NODX to stay firm but moderate as base effects fade.

OCBC’s Christopher Wong comments that USD/KRW eased as Korean equities rebounded and foreign investors briefly turned net buyers, but warns this may not mark a lasting shift.