This is a big week for debt capital markets – with Fed, ECB and BOE rate decisions.

The most significant event is likely to be Chair Powell’s press conference at 2:30pm (NY) on Wednesday. Rates will almost certainly increase by 25bps – but the tone of the following press conference will move markets. There is potential for Powell to be more hawkish than expected – as the risk to the economy of the Fed being too aggressive seems markedly less than the risk of the Fed being too dovish at the moment. But markets are primed for good news – and so may be more sensitive to good news. If Powell has even a slightly more positive tone than expected, we could see markets rise dramatically.

Tuesday – Euro GDP

Wednesday – FOMC Rate Decision, Euro CPI, China PMI

Thursday – ECB and BOE Rate Decisions

Friday – US Payrolls