Although the election continued to dominate the headline news last week, developments pertaining to monetary policy also had a major impact on financial markets. The Bank of Japan kicked off the week, opting to leave interest rates untouched while maintaining its quantitative easing program and yield targeting efforts. The BoJ decision was followed by the Reserve Bank of Australia which also announced no change to policy. Rising inflation is currently preventing further accommodation which may lead to the Australian dollar rising further, putting pressure on exchange rates and the economy. The FOMC decision was no different, with the Federal Reserve choosing to keep policy steady ahead of the election. However, when combined with core PCE inflation stable at 1.70% and job creation remaining above 150,000 during October, the case of a rate hike in December continues to strengthen. Finally, the Bank of England also announced no change in policy, but did stress that further rate cuts were unlikely, especially amid the pickup in inflation and GDP expansion. Adding to concerns about the UK outlook was a High Court decision determining that the UK Parliament must vote on triggering Article 50 to exit the European Union. The Pound responded positively to the development, surging versus peers.