It’s a central-bank heavy week ahead, with the U.S. Federal Reserve expected to deliver its second straight half-point rate hike to bring inflation under control.

Britain and Sweden, too, will likely lift interest rates again, while Switzerland may be getting ready to join the rate-hike club. In contrast, the Bank of Japan should confirm it’s ultra-dovish stance remains solid.

Here’s a look at the week ahead from Ira Iosebashvili in New York, Kevin Buckland in Tokyo and Sujata Rao, Julien Ponthus and Dhara Ranasinghe in London.

1/ GO BIG

It’s time to go big or go home in the battle to curb inflation. So Wednesday will likely see the Federal Reserve hike interest rates by another 50 basis points (bps), adding to the 75 bps of tightening already delivered since March.

How confident the Fed remains in squashing the highest inflation in decades without tipping the U.S. economy into a recession will be under scrutiny.

The jobs market is holding up well and retail sales data on Wednesday could show how consumers are doing as borrowing costs rise. Analysts expect a 0.2% monthly increase in retail sales for May. One big retailer is cutting its margin outlook.

Also watch the Fed’s projections for rate moves in the so-called “dot plot.” Unexpectedly aggressive rate-hike projections could pile pressure on U.S. Treasuries, with 10-year yields back above 3%.

2/ NO, DON’T GO (AT ALL)

There’s little doubt that the Bank of Japan will stick to its big stimulus guns on Friday, with Governor Haruhiko Kuroda in recent days repeatedly re-committing to ultra-easy monetary policy.

But pressure to change tack is growing. Being the G-10’s lone dove means constantly pushing back against a global tide of rising yields. Japan’s 10-year bond yield is regularly bumping against the BOJ’s tolerance ceiling, 25 bps north of 0%.

Pinning it there is costly and one casualty is the yen. Widening yield differentials have sent the currency to multi-decade lows.

Japan’s imported energy has become expensive, crunching consumers and businesses at a sensitive time as crucial upper house elections loom this summer. Kuroda didn’t help matters by suggesting households were becoming more tolerant of rising prices, forcing a rare apology.

3/ CRUEL SUMMER

Near-10% inflation, the worst cost-of-living squeeze in decades and planned labour strikes threaten a summer of discontent in Britain. The OECD predicts zero growth next year, the weakest performance for any G20 economy – except Russia.

But on June 16, the Bank of England will likely raise rates for the fifth time since December. GDP and jobs figures are also due on Monday and Tuesday. As a reminder, Q1 joblessness touched 48-year lows at 3.7%. But adjusted for inflation, pay was down 2% on year-earlier levels, the biggest fall since 2013.

Meanwhile, Prime Minister Boris Johnson, his authority shaken by a vote of confidence, is forging on with “fiscal firepower” pledges and plans to amend a Northern Ireland trade protocol. The former could exacerbate inflation; the latter will almost certainly stoke tensions with the European Union.

4/ INFLATION BUG

Switzerland has caught the inflation bug, having seen prices rise in May by the most in nearly 14 years. It could mean the days of deeply negative rates are numbered.

The Swiss National Bank may not make a change to its -0.75% interest rate – the world’s lowest – at its Thursday meeting. But price pressures and the prospect of the ECB hiking rates in July are persuading some rate-setters to change their dovish stance.

Franc strength has dampened inflation somewhat and the SNB has toned down franc selling. Still, it may join the rate-hike club soon, having watched such hitherto-dovish peers as Sweden’s Riksbank make policy U-turns.

Having upped rates in April, the Riksbank may do so again on Friday, with some chance of a 50 bps move.

5/ ENSEMBLE?

France votes on Sunday in first-round parliamentary elections that will determine whether newly re-elected President Emmanuel Macron will be able to implement his pro-business platform.

Much has changed since his 58% win against far-right candidate Marine Le Pen on April 24, with opinion polls shifting from expectations for a majority for Macron’s Ensemble (Together) alliance to the possibility of a hung parliament.

A unified Left opposition, which promises to lower the retirement age to 60 and cap prices on essential products, has gained momentum. Falling short of an absolute majority would be a big setback, forcing Macron to broaden his alliance or face the uncertainty tied to governing without a majority.

The broader the alliance, the more complicated deal-making, and dictating policy decisions, becomes. Some amount of political risk would kick in as investors reconsider the premium paid for French assets.

(Compiled by Dhara Ranasinghe)