– This is the script of CNBC's news report for China's CCTV on June 13, Tuesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
A slew of Central Bank meetings are due later this week.
The big key event for this "central bank week" is going to happen Tuesday and Wednesday when the Federal Reserve, the U.S. central bank that decides where interest rates are heading, meets in Washington.
Unless something completely off the wall happens in the next couple of days, the Fed is going to approve another quarter-point hike.
According to the Fed Funds Rate, investors see the probability of a June rate hike to be as high as 99.6%.
While the market feels like it knows what the Fed will do, it's important to learn why they did it. So investors will want to peruse the post-meeting statement closely for clues about what's ahead.
With the economy wobbling of late and the market steaming, a lot is riding on what happens.
Meanwhile, we'll get another look at where the Fed sees growth heading and where rates will be over the longer term, through the summary of economic projections. This is always an attention-getter for the market.
[WAYNE (t) WICKER, ICMA-RC CIO] "We've seen unemployment rates really coming down dramatically, we havent seen any price inflation in terms of labor because productivity has been so low. So they are trying to anticipate where inflation is gonna be going, but we haven seen any evidence of that yet. So you are right I think the Fed is between a rock and hard place, but they will probably be data-driven and not print anything before they see any more evidence for furthur rate hikes are necessary."
On the market front, the U.S. treasury yields on Monday headed higher, adding to a three-day streak of gains.
The dollar index climbed a tad overnight while gold prices slid ahead of the Fed meeting.
Higher rates could boost the dollar, making commodities priced in the greenback more expensive for holders of other currencies.
In addition, we are going to see policy decisions coming from Bank of England on Thursday.
Britain's descent into political crisis just days before Brexit talks begin has sapped confidence among business leaders and infuriated bosses who were already grappling with the fallout from the vote to leave the EU.
Therefore, when the Bank of England's Monetary Policy Committee meets this week, no one expects a change in rates, according to experts.
The central bank may renew its forcast of the UK's economic growth rate as well as inflation rate.
But the UK pound would probably continue to face pressure from the political instability.
Meanwhile, on Thursday, the Swiss Central Bank will announce their meeting decision as well.
The Swiss National Bank's policy decision is due on Thursday. The central bank will release its quarterly policy assessment along with growth and inflation forecasts, while its deposit rate is also expected to stay. Recently, the SNB said that its currency, swiss franc, remained substantially overvalued.
Over the medium term, the SNB may be slightly less determined to intervene aggressively to prevent franc gains, especially if the headline inflation rate is positive.
Last but not the least, the BOJ concludes a two-day policy meeting on Friday.
Whilst we do not expect any significant changes to monetary policy, there is speculation that the BoJ may communicate about an exit policy.
Meanwhile, the Central Bank of Russia (CBR) is set to announce its monetary policy decision on Friday as well. Some analysts are predicting that the central bank is likely to lower the key interest rate by 25 basis points to 9 percent, and markets tend to price in more dovish moves by the central bank.
CNBC's Qian Chen, reporting from Singapore.