The Fed looks likely to raise interest rates this week for the first time in three years, which is bad news for borrowers and stocks but a sign officials are serious about inflation.

• US inflation is stuck above 3%, well over the Fed's 2% target, and core prices rose again in August.
• The main cause is the US-Iran war, which has kept oil near $100 and pushed inflation back to a three-year high.
• Trump is publicly pressuring the Fed to cut instead, threatening trade retaliation ahead of November's midterm elections.
• New Fed chair Kevin Warsh has turned hawkish anyway, saying conditions are not good.
• Taiwan's central bank meets right after, with rates frozen nine times running and pressure building to finally hike.

Outlook: A US hike looks likely and one small move probably won't be enough, while Taiwan could still sit tight given a cold property market and tight cash.