The Federal Reserve and the Bank of England are both widely expected to leave interest rates unchanged at their meetings this week. The Fed, concluding its meeting on 17 June under new Chair Kevin Warsh, may remove language that implicitly suggested the next rate move would be lower, a shift that would formalize what markets have already accepted. The updated Summary of Economic Projections could push projected rate cuts further into the future, potentially into 2027, with some officials signaling the possibility of rate rises. The Bank of England, meeting on Thursday, is also expected to hold rates, with investors watching whether any additional Monetary Policy Committee members join Chief Economist Huw Pill in voting for a rate increase after UK inflation held steady at 2.8% year on year in May. Both central banks face a delicate balance between persistent inflation pressures and economic weakness, with the Fed entering a new communications regime under Warsh and the BoE focused on inflation risks against a fragile UK economy.