China's central bank unexpectedly held interest rates steady, bucking predictions of a cut following the Fed's move. The People's Bank of China kept its one-year and five-year Loan Prime Rates at 3.35% and 3.85%, despite August's economic slowdown.

Japan's central bank also maintained rates at 0.25%, though future hikes seem likely as inflation hit 3% in August, well above the 2% target.

Adding to the complexity, commodity markets are showing signs of potential cost-push inflation. Gold prices are on the rise, often viewed as a harbinger of monetary debasement.

These developments highlight the tightrope central banks must walk: managing debt, 'fighting inflation' (inflation is their purpose so it's bs) and supporting (keynesian pseudo) growth amid looming commodity pressures.