Fed holds rates. Financial markets spent the end of last week digesting the FOMC decision not to raise interest rates for the first time in nine-years. The lack of Fed action clearly indicates that terminating the US’s addiction to cheap money is harder than predicted. A dovish Chair Yellen suggests that the prospective of QE four is back on the table. In Japan, the BoJ voted to maintain current stimulus levels. Yet, with fundamentals begin to slump the likelihood for more easing has increased. New Zealand growth was weaker than expected, yet the RBNZ is expected wait to see how the data develops before cutting rates further. Finally, the SNB monetary policy assessment of 17th September was rather a dull affair but with the risk of the ECB extending asset purchases the prospect for further SNB policy actions looms large.