ANZ Research discusses its expectations for this week's RBA and FOMC policy meetings. 

"After the upward surprise in CPI, we are now expecting the RBA to deliver a 15bp interest rate hike to 0.25% this week. We also expect more details on the RBA’s plans to shrink its balance sheet at Tuesday’s meeting," ANZ notes.

"All eyes will be on the FOMC meeting, where the Fed is expected to deliver a 50bp hike, in line with current market pricing. It is also expected to provide further guidance on quantitative tightening plans and outline a series of 50bp hikes over the coming months," ANZ adds.