South Korea’s August consumer-price inflation is increasingly expected to return to around 3% as the impact of last year’s mobile telecom fee discounts fades. The National Data Agency will release the data on September 2, after July inflation slowed to 2.8% year-on-year. The result will influence expectations for Bank of Korea rate decisions, household purchasing power and the recovery in domestic demand. South Korea will also present next year’s budget proposal, release July industrial activity data and publish July balance-of-payments figures. Market attention is focused on whether planned spending exceeds 800 trillion won, or approximately $583.3 billion, and on the proposed Future Response Fund, which is expected to be financed through separately earmarked tax revenue windfalls from the semiconductor boom. The Bank of Korea said the first-half current-account surplus reached a record $191.01 billion, supported by semiconductor exports. In the United States, Friday’s August nonfarm payrolls report will be a key test for the Federal Reserve’s monetary-policy direction after July payrolls fell by 23,000. Markets expect August job gains of 65,000 to 80,000, unemployment of 4.1% to 4.2%, monthly wage growth of 0.3% to 0.4% and annual wage growth of about 4%. Additional U.S. labor, manufacturing and services data, the Beige Book and comments from Fed Governor Christopher Waller will help shape the inflation and rate outlook. Federal Reserve Chair Kevin Warsh reportedly said at Jackson Hole, "Inflation is running above our 2 percent target. So, the Fed's predominant focus right now should be on prices." German investment-bank analysts judged a rate hike the most likely outcome at the September 16 Federal Open Market Committee meeting. Eurozone inflation is expected to rise to 3.3% to 3.4% in August from 2.9% in July, while Canada is widely expected to hold its benchmark rate at 2.25%. GDP data from India, Australia and Brazil, along with Broadcom’s earnings, will provide further evidence on growth, AI and data-center investment demand, and the resilience of employment amid renewed inflation.