A pivotal week for global central banks is underway, with major institutions set to announce interest rate decisions amid the ongoing conflict in the Middle East. The Federal Reserve, European Central Bank, Bank of England, and Bank of Japan will reveal their decisions on Thursday, Beijing time. While no surprises are expected in the immediate rate announcements, policy guidance will be scrutinized closely. Interest rate setters from Australia, Brazil, China, Canada, Indonesia, Sweden, and Switzerland are also convening this week. Most are anticipated to maintain current rates, though the Reserve Bank of Australia may diverge. The conflict in Iran has heightened the likelihood of future rate hikes, with the market responding hawkishly to potential energy price shocks. Expectations for rate cuts by the Federal Reserve and Bank of England have dissipated, with a possible rate hike by the latter now on the table. The European Central Bank is also facing increased pressure to raise rates this year, while the Bank of Japan's stance remains largely unchanged.