On Sunday, the United States reported annual consumer price growth of 3.6% for September, keeping inflation modest. The Federal Reserve kept its policy rate unchanged at 4.25% after an October meeting that made no adjustment and after a year with no cuts. Meanwhile, the European Central Bank also left its rates unchanged in October, and the US economy avoided a recession through the end of 2026.

Throughout 2026 the central bank recorded zero rate cuts, maintaining the stance taken after the previous year's tightening cycle. This policy pause coincided with the absence of any recessionary signal in the US labor and output data by the close of the year.

Across the Atlantic, the ECB's October policy review resulted in no change to its deposit, main refinancing, or marginal lending facilities. The unchanged stance mirrored the Eurozone's inflation trajectory, which had not triggered a need for further tightening. The European central bank's decision therefore aligned with the broader trend of stable monetary policy in major economies.

In South America, Argentina reported monthly inflation for September between 1.9% and 2.1%, indicating a low and contained price environment. These figures contrasted with the United States' 3.6% annual rate but both remained within ranges that policymakers deemed manageable.

Overall, the combination of steady inflation readings and unchanged policy rates suggested that major central banks were comfortable holding rates steady. The US economy's resilience, reflected in the lack of a recession, reinforced the view that the current monetary stance could be sustained.