Below are the most important global events likely to affect FX and bond markets in the week starting September 14.

An interest-rate decision by the U.S. Federal Reserve will be firmly at the center of markets' attention in the coming week, where a hike looks a possibility after strong jobs data and solid inflation numbers.

A rate decision is also scheduled in the U.K. while the Bank of Japan is widely expected to increase interest rates. The BOJ's decision will headline a busy week in Asia, while Taiwan's central bank is expected to also tighten policy. China's economic activity data will offer another test of its export-led growth, while Indian inflation will provide further clues of policymakers' thinking.

U.S.

The Federal Reserve will announce a policy decision on Wednesday and could opt to hike interest rates by 25 basis points given recent data showing a much stronger-than-expected U.S. jobs market and annual consumer-price inflation staying at a lofty 3.4%.

Fed Chairman Kevin Warsh has stressed the importance of ensuring that inflation returns to the 2% target and indicated that the central bank would act by raising interest rates if necessary.

On Friday, U.S. money markets priced an 82.5% probability of a hike next week, versus around 68% before the release of the inflation figures, LSEG data show.

"The Fed will likely hike rates 25bp after August CPI showed a lack of progress," TD analysts said in a note.

Investors will carefully watch the reaction in U.S. Treasury yields in particular after they recently surged to multiyear highs, influenced by inflation concerns caused by Brent crude oil prices jumping well above $100 a barrel and rising rate-hike prospects.

"While headline inflation is being pushed around by rising energy prices, the bigger picture is that the economy is running hot and domestically generated inflation is grinding higher," said David Rees, head of global economics at Schroders, in a note.

"Until the Fed starts raising interest rates, markets will continue to question its credibility - and the Treasury's willingness or ability to cap yields," he said. The Treasury recently announced that it would double buybacks of long-dated debt to at least $4 billion per operation, from $2 billion previously.

Investors will also pay close attention to comments from Warsh that give any hints on the outlook for interest rates over the coming months.

Ahead of the Fed's decision, retail sales figures for August will be released, giving a sense of how strong consumer spending is. Jobless claims are due Thursday, alongside August housing starts, followed by August industrial production numbers on Friday.

The U.S. Treasury will auction $13 billion in 20-year bonds on Tuesday and $19 billion in 10-year inflation-protected TIPS on Thursday.

Canada

Canadian consumer-price inflation data for August are due on Monday.

"Annual inflation is likely to move above 3% this week on energy price moves, but we still doubt the Bank of Canada will hike this year," said ING economist James Knightley.

However, the central bank has "sounded a touch more hawkish recently," despite concerns about the implications for economic growth from tariff disputes with the U.S., he said.

Latin America

Brazil's central bank announces an interest-rate decision on Wednesday, where it is expected to cut interest rates by 25 basis points to 3.75%.

Slowing economic activity and lower inflation support another rate cut, said Societe Generale economist Dev Ashish in a note.

"November easing remains possible but is not guaranteed, with fiscal developments and post-election policy signals likely to become more important," he said.

Eurozone

The economic data flow will thin out in the coming week, giving markets time to absorb the European Central Bank's interest-rate hike on Thursday and its signals for the policy path, which suggest more tightening is in the pipeline.

"The overall tone of the ECB's September communication leaves us increasingly convinced that its tightening cycle is not yet over," BNP Paribas' Paul Hollingsworth said in a note. "We expect another hike in December, before an extended hold in mildly restrictive territory throughout 2027."

Money markets price in a 65% probability of another 25 basis-point rate hike in October and fully price this by the end of the year, according to LSEG.

France and Spain will release final CPI data for August on Tuesday, followed by Italy on Wednesday and the eurozone on Thursday. Eurozone July industrial production data will be released on Wednesday, while German PPI data are scheduled for Friday.

Germany will auction September 2028-dated Schatz on Tuesday, and May 2047- and August 2056-dated Bunds on Wednesday. Other issuers are Finland on Tuesday, and Spain and France Thursday.

U.K.

The Bank of England announces an interest-rate decision on Thursday, where markets expect rates will likely be kept at 3.75%.

The U.K.'s key interest rate looks restrictive at the current level, lowering the prospects of the BOE raising rates in 2026, ING economists said in a note.

"A muted hiring backdrop, benign wage growth and scant evidence of second-round inflation effects sets the scene for another on-hold Bank of England decision," the economists said.

Markets price in a 32% possibility of a 25 basis-point rate hike at the upcoming meeting and fully price in three rate rises by March 2027, LSEG data show.

Ahead of that, investors will watch U.K. jobs data on Tuesday and inflation data on Wednesday. The economic data could give a signal of how probable it is that the BOE will raise interest rates in 2026, with stronger-than-expected data likely adding to expectations of rate increases in the coming months.

In addition, the GfK consumer confidence survey for September will be released Friday, followed by retail sales figures for August.

"The labor market report is likely to point to ongoing slack and contained wage growth; CPI figures should show a boost to headline inflation from higher motor fuel prices but steady core inflation, on our forecast; and higher fuel prices are also likely to have made their mark on retail sales, pushing total sales volumes down a little in August," Investec economist Sandra Horsfield said in a note.

The U.K. plans to conduct two programmatic gilt tenders on Tuesday for the January 2029 gilt and December 2040 gilt.

Czech Republic

The Czech central bank is due to announce an interest-rate decision on Thursday, where it is widely expected to leave its key policy rate unchanged at 3.75%.

"The Czech National Bank has switched into a wait-and-see mode, provided conditions allow. As things stand, policymakers should be comfortable keeping rates on hold next Thursday," ING economists said in a note.

"November is set to become more interesting, as we get a fresh CNB forecast, while potentially receiving punchy numbers for both November's headline and core inflation," they said.

Scandinavia

Denmark, Sweden and Norway will conduct bond auctions on Wednesday.

Japan

The Bank of Japan is widely expected to raise its policy rate Friday, as hawkish remarks from officials and firm economic data bolster the case for tightening. With markets increasingly convinced that a hike is a done deal, attention will center on the BOJ's forward guidance.

"We expect the BOJ to raise the policy rate by 25bp at its September meeting, while viewing a 50bp hike as unlikely," Morgan Stanley MUFG Securities said. "Governor [Kazuo] Ueda is likely to refer at the press conference to both the risk that underlying inflation could overshoot 2% and the cumulative effects of past rate hikes on the economy."

Ahead of the decision, traders will digest August inflation data. Consumer prices excluding volatile fresh food are expected to have risen 1.8% from a year earlier, matching July's pace, according to a poll by data provider Quick.

August trade data and July machinery orders are due Wednesday.

Bond yields will also be in focus as global debt markets contend with expectations of higher interest rates, inflation concerns and worries about the U.S. fiscal outlook.

The Ministry of Finance is scheduled to auction about 700 billion yen ($4.53 billion ) of 20-year Japanese government bonds Tuesday. The securities will be a reopening of the July 2026 issue.

Investors may take a wait-and-see approach to the auction ahead of the BOJ meeting.

"Amid a mix of headlines surrounding supply-demand conditions in the superlong sector, the auction will serve as a test of investor demand," Barclays Securities Japan strategists said.

On Wednesday, the BOJ is scheduled to conduct outright purchases of government bonds in three maturity ranges: more than three years and up to five years, more than five years and up to 10 years, and more than 25 years. The purchases are expected to support the domestic bond market.

China

China's monthly batch of economic activity data is due Tuesday, offering the latest look at consumer demand, investment and industrial production.

Economists broadly expect the data to show a continuation of the export-driven strength and weak domestic demand that have characterized China's economy this year.

ING economists expect the slump in fixed-asset investment to have continued in August, forecasting a 7.4% contraction in the year to date. Policymakers have sought to accelerate fiscal spending, but the effects are unlikely to appear in the August investment data.

"On the consumption side, we expect retail sales [growth] to remain relatively lacklustre at around 0.7% [on year]," ING said.

Robust external demand likely continued to support industrial production, with growth strengthening to 4.9% from a year earlier, ING said.

August home-price and property-investment figures are also due, following recent government efforts to stimulate housing demand.