"Inflation is not trending down as core inflation accelerated in August. The Federal Reserve will have to intensify its fight with projected 4.5% for year end is still too low. Today's interest rates are still negative with inflation above 8%. The Fed is leading globally with Bank Of England and European Central Bank. Jerome Powell is likely to raise forecasts for 2023 and become more aggressive. Bank of Canada is leading with interest rate increases," says Milton Ezrati.