Report published September 4, 2026

Deutsche Bank Weekly Outlook: US August CPI, ECB Policy Decision & Treasury Buybacks

Deutsche Bank · September 4, 2026

Deutsche Bank outlines the key events for the week of September 7–11, 2026, highlighted by the US August CPI/PPI reports and an expected 25 bps rate hike by the ECB to 2.50%. Investors will also monitor US Treasury long-end liquidity buybacks, Chinese macro data, and tech earnings from Oracle and Adobe.

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Key Takeaways

1.The August US CPI and PPI prints are the primary focus as the final key inflation indicators ahead of the September 16 FOMC meeting; DB economists project headline CPI at +0.38% MoM and core CPI at +0.21% MoM.
2.The ECB meets on Thursday, with Deutsche Bank's European economics team projecting a 25 bps interest rate hike to 2.50%.
3.The US Treasury's expanded long-end liquidity-support buybacks take effect on Wednesday, doubling the maximum operation size from $2bn to at least $4bn for nominal coupons across the 10Y-20Y and 20Y-30Y sectors.

Next week...this week
Day-by-day calendar of events
Key DB macro publications from the past week:
Appendix 1
Additional Information

Report data

Key figures extracted from this report

Metric	Estimate	Context
US Headline CPI	0.38 % MoM	Deutsche Bank economists' forecast for August MoM headline CPI vs +0.07% previously.
US Core CPI	0.21 % MoM	Deutsche Bank economists' forecast for August MoM core CPI vs +0.22% previously.
US Core PCE	0.21 % MoM	Deutsche Bank forecast for August MoM core PCE increase vs +0.25% in July.
University of Michigan Consumer Sentiment	52.5 index	Deutsche Bank US economists forecast vs 51.7 in August.
ECB Policy Rate	2.50%	Expected 25 bps rate hike by the European Central Bank.