Standard Chartered Research previews the September FOMC decision.

"The correct Fed policy decision in our view is straightforward - stay on hold until the noise from tariffs and data revisions dissipates....," SC notes.

"We continue to expect the FOMC to hold policy rates on 16 September...An unneeded hike will have a reputational impact if data suggest inflation pressures are diminishing 

An on-hold decision may hurt the USD and the long end of the curve; a hike would likely stabilise both. The statement and SEP may change little; Warsh looks set to face a difficult press conference," SC adds.