Chinese inflation also accelerated, with CPI at 0.8% and producer inflation at 3.8%, as higher energy costs fed into domestic prices.

Wednesday’s Fed decision dominates the week after August CPI held at 3.4% annually but rose 0.4% monthly, the strongest increase in three months. Traders now price an 86% chance of a 25-basis-point hike, keeping pressure on gold near $4,300 and contributing to four straight losses for the Nasdaq 100.

The ECB delivered a 25-basis-point hike, lifting its deposit rate to 2.50%, while EUR/USD stayed trapped around 1.1590. 

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