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This Week In Credit: Central Bank Action Stations (Sept. 18, 2023)

Markets expect the Fed to pause when it concludes on Wednesday. But a pause is far from a hard stop, so communication regarding the outlook for interest rates--already at a 22-year high--will be key. The Fed is far from the only central bank on deck this week, with Thursday a particularly busy day including the Bank of England, before the Bank of Japan wraps up monetary policy updates on Friday. A single corporate default last week was welcome relief, following the highest August tally since 2009, and this week a global suite of flash PMI numbers for September will provide a temperature check on global economic activity.