There is much data that will be reported in the week ahead. The US reports consumer prices, retail sales and industrial output figures. The eurozone reports industrial production and the final August CPI. Germany’s ZEW will be released. The UK reports consumer prices, the latest labor market readings and retail sales. Japan reports industrial production and trade figures.

However, the data is pales in comparison to the central bank meetings. The focus is of course on the Federal Reserve, but the Bank of Japan and the Swiss National Bank also meet. The general view in the market is that none of the central banks act. Yet the risks abound.

The Swiss National Bank is the least likely to surprise. Without much fanfare, the euro has steadily risen against the Swiss franc, and before the weekend reached its highest level (~CHF1.1050) since the franc’s cap was lifted back in January. The SNB will say it is ready to act if needed but there is not sense of urgency at the moment. Moreover, the record paper losses the SNB reported in H1 14 is being pared this quarter. The Swiss franc has depreciated about 3.5% against the dollar since the end of June and 5.2% against the euro.

There is only a slightly greater chance that the BOJ moves. Most who expect additional monetary stimulus see it coming next month rather than now. With deflationary forces not convincingly defeated, inflation far from the goal, and economic growth patchy, many think the BOJ has to step up its unorthodox monetary easing. If boosting the monetary base by JPY80 trillion a year is not sufficient, will growing it by JPY90 trillion really do the trick, as member of parliament and an adviser to Abe suggested last week?

BOJ Governor Kuroda is still sounding relatively upbeat. He seems to be playing down the official core measure of CPI (which excludes fresh food), and seems to be placing more emphasis on the measure that excludes food and energy. After spending the last few months on his controversial political agenda, Abe appears to returning to economic issues, and fiscal support for the economy, which could include a supplemental budget as early as next month. Pending fiscal stimulus also argues against more monetary easing.