Weekly Market Update - Tuesday, September 22, 2026

In this week's edition:

• U.S. Stock Indices Closed Mixed as Rebounding Treasury Yields Rekindled Concerns Over the Macroeconomic Outlook.
• Gold Price Edged Higher W/W, Marking its First Weekly Gain in Four Weeks as Falling Oil Prices Eased Inflation Concerns.
• Ghana’s Treasury Auction Undersubscribed by 46.33% as High Bid Rejections Persist Despite Further Yield Declines.
• Ghanaian Equities Extend Losing Streak: GSE-CI Falls 2.06% w/w to 63.16% YTD as Broad-Based Selling Persists.
   

 AROUND THE GLOBE   

• Fed Raises Rates by 25 bps, First Time Since 2023
  • The US Federal Reserve raised the federal funds rate by 25 bps to 3.75%–4.00% in September 2026, marking its first hike since 2023. The move reflects persistent inflation, with the Fed projecting 2026 PCE inflation at 3.7% and core inflation at 3.4%. Policymakers also raised their growth forecasts to 2.3% for 2026 and 2.4% for 2027, while lowering unemployment projections to 4.1%. The September projections indicate scope for at least one further 25 bps hike this year, underscoring a more restrictive policy outlook.
• Bank of England Holds Rate at 3.75% Amid Inflation Risks
  • The Bank of England’s Monetary Policy Committee voted 6–3 to maintain the Bank Rate at 3.75% in September, with three members favouring a 25-basis-point increase to 4%. The Bank highlighted renewed energy price pressures linked to the prolonged Middle East conflict, which have pushed UK CPI inflation to 3.1% in August and are expected to drive further increases in coming quarters. While second-round effects on wages and prices remain limited, the risk could rise if energy prices stay elevated. The MPC also approved a multi-year programme to unwind its government bond holdings to zero by 2034.
• BOJ Raises Rate to 31-Year High at 1.25%
  • The Bank of Japan (BOJ) raised its key policy rate by 25bps to 1.25% in a 7–2 vote, taking borrowing costs to their highest level since 1995. The decision reflects persistent inflation pressures, including higher energy costs, and growing concern that underlying inflation could overshoot the 2% target. The hike, the first in three months, was opposed by Toichiro Asada and Ayano Sato, highlighting differing views on the pace of policy normalization. Governor Kazuo Ueda kept the door open to further increases, including consecutive hikes, depending on inflation and economic conditions.
• US Export Prices Rebound Sharply in August
  • U.S. export prices rose by 0.6% month-on-month in August 2026, exceeding expectations of 0.5% and reversing a revised 1.4% decline in July. The increase was broad-based, with agricultural export prices rising by 0.5%, supported by higher corn and animal feed prices, while non-agricultural prices increased by 0.7%, led by industrial supplies, capital goods and automotive products. On an annual basis, export prices increased by 8.6%, highlighting continued upward price pressures despite the sharp decline recorded in July.
• Eurozone Current Account Surplus Widens in July
  • The eurozone’s current account surplus increased to €36.5 billion in July 2026, from €29.7 billion a year earlier, supported by stronger goods and services balances. The goods surplus rose to €39.8 billion, while the services surplus increased to €19.3 billion. These gains were partly offset by wider primary and secondary income deficits of €4.4 billion and €18.1 billion, respectively. For the first seven months of 2026, the current account surplus reached €151.1 billion, up from €131.6 billion over the same period in 2025.

GHANA

• Ghana MPC Begins September Policy Meeting
  • The Bank of Ghana’s Monetary Policy Committee (MPC) has begins its 132nd regular meeting, running from September 22–24, 2026, to assess recent economic and financial developments. The Committee is expected to weigh the recent rise in inflation to 5.0% in August, continued economic growth, exchange-rate stability and easing financial conditions against renewed energy-price and geopolitical risks. The MPC has maintained the policy rate at 14% over its past two meetings. The policy decision and accompanying guidance are scheduled for release at a press conference on September 24.

AFRICA

• Nigeria Inflation Eases for Third Consecutive Month
  • Nigeria’s annual inflation rate eased marginally to 15.39% in August from 15.43% in July, marking its third consecutive monthly decline and the lowest level since March. Food inflation also fell to 19.57% from 20.31%, recording its first decline in seven months, while the relative strength of the naira provided further support. Core inflation moderated more significantly to 13.29%, its lowest since March 2021. Monthly CPI growth slowed to 0.71% from 1.57%, indicating a broader moderation in near-term price pressures.
• South Africa Inflation Expectations Ease in Q3
  • South Africa’s inflation expectations moderated in the third quarter, following a sharp increase in the previous period amid the global energy shock. Household inflation expectations for the next 12 months eased to 4.0% from 4.2%, while two-year-ahead expectations declined to 3.8% from 3.9%. Professional forecasts for 2027 and 2028 also softened to 4.0% and 3.8%, respectively. The moderation comes as headline inflation eased to 4.3% in July from 5.0% in June, providing a more favourable backdrop for monetary policy.

Sources: Bloomberg, Reuters, Trading Economics