A packed macro calendar this week, with the Fed, ECB and a fresh round of US growth and inflation data all in focus. Last week’s flash PMI showed US business activity holding up, while price pressures continued to build. Now markets face a bigger test. Wednesday brings the Fed rate decision, with rates expected to hold at 4.0%. Thursday is the main event: US Q3 GDP is forecast at 3.2%, core PCE at 0.3% MoM, and the ECB is also expected to hold rates steady. Resilient growth, sticky inflation and two central bank decisions. Plenty for markets to digest before the month closes.