Swiss National Bank chairman Schlegel said Swiss inflation has picked up recently.

ECB President LAGARDE: most indicators of core inflation are broadly stable.

Investors price roughly a 70% chance of a Fed hike next week, while a Sept 4–9 survey of 48 economists found only 13 expect a September increase and most expect rates to be held unchanged through end-2027. Economists cited easing inf and the approaching U.S. midterm elections as reasons to stand pat at the Sep 15–16 and Oct meetings. Yelena Shulyatyeva, senior U.S. economist at the World Federation of Large Enterprises, expects holds in Sep, Oct and Dec but warned any clear uptick in inf could force the FOMC to act regardless of election timing. The divergence reflects unusually high uncertainty about near-term policy direction under Chair Warsh.