Global Central Banks & Economic Data This Week: PCE Inflation & Big Tech Earnings

Introduction

This week is one of the most important weeks of 2026 for global financial markets, packed with central bank interest rate decisions, major inflation data, GDP readings, and corporate earnings from the world's largest tech companies. Here is everything investors and traders need to watch.

First. The US Economy: The US Federal Reserve Meeting

The U.S. Federal Reserve holds its monetary policy meeting this week — the last to be chaired by Jerome Powell before his term ends in mid-May 2026. The Fed is widely expected to keep interest rates unchanged at 3.5%–3.75%, as ongoing volatility in energy markets continues to complicate the inflation outlook.

Markets will be closely watching Powell's press conference for forward guidance on the rate path ahead.

Key U.S. economic data releases this week

• PCE: Price Index (April) the Fed's preferred inflation measure, released the day after the meeting
• Q1, 2026 GDP (first reading) — a critical gauge of how geopolitical tensions and trade uncertainty are affecting U.S. economic growth
• April Consumer Confidence Index
• April Advance Trade Balance in Goods

Big Tech Earnings: Alphabet, Amazon, Meta, Microsoft & Apple

Big Tech Earnings: Alphabet, Amazon, Meta, Microsoft & Apple

Alongside the Fed decision, Wall Street will be focused on a landmark week for Big Tech earnings. Results from Alphabet, Amazon, Meta, Microsoft, and Apple are all expected this week, and could significantly move equity markets depending on guidance and revenue figures.

Second. Bank of Canada Interest Rate Decision

The Bank of Canada is expected to announce its interest rate decision before the Fed meeting. Markets anticipate the rate will hold steady at 2.25%, in line with the cautious tone from global central banks amid persistent economic uncertainty.

Third. European Central Bank (ECB) Meeting: Rates on Hold

The European Central Bank (ECB) meets on Thursday and is expected to keep interest rates unchanged, with any policy adjustments likely deferred until at least June. ECB President Christine Lagarde and other officials have signaled a cautious approach, preferring to wait for more economic data before acting.

Key Eurozone data releases this week:

• Apri Eurozone CPI (inflation) a key input for ECB rate expectations
• Eurozone Unemployment Rate
• Q1 2026 GDP (second reading) expected to confirm growth of 1.2%
• Consumer Confidence Index

Fourth. Bank of Japan (BOJ) Meeting: Rates Expected Unchanged

The Bank of Japan kicks off the week's central bank meetings on Tuesday morning, and is broadly expected to hold its benchmark interest rate at 0.75%.

Key Japanese economic data this week:

• BOJ Core CPI — a closely watched measure of underlying inflation
• March Industrial Production — a key indicator of manufacturing strength
• Retail Sales — reflecting domestic consumption trends

These figures will shape market expectations for BOJ rate moves later in 2026.

Fifth. China: Industrial Profits & Manufacturing PMI

China wraps up the week's major data releases with:

• Q1 2026 Industrial Profits — expected to show a positive reading
• Manufacturing PMI — released before markets close on Friday ahead of the Labor Day holiday

These figures will provide insight into the health of China's industrial sector and broader economic momentum.