US-Iran developments will continue to hog the spotlight to start the new week. However, it won't be the only key factor in play for markets in the days ahead. As we look to wrap up July trading, the central bank bonanza returns to town this week.In terms of policy action though, there should not be anything all too interesting before the summer break.The Fed will feature first with the FOMC meeting coming up on 29 July. The central bank is expected to keep interest rates unchanged while continuing to weigh Middle East developments in seeing how they might look to tweak monetary policy in the final three meetings of the year next.After the latest US-Iran kerfuffle in recent weeks, we've seen oil prices shoot higher again and that has bolstered inflation expectations. In turn, traders are now pricing in ~41 bps of rate hikes by the Fed by year-end. The next 25 bps rate hike is well expected to be delivered in September.However, I would not expect Warsh & co. to really offer any promises or pre-commitment to that this week. As always, optionality and flexibility remains key for central banks during this whole Middle East crisis. And they will continue to preach that this time around as well.So if you're expecting the Fed to deliver a more hawkish tilt and confirm expectations of a move in September next, you might be left disappointed come Wednesday.Next up, there is the BOE policy decision on 30 July. The central bank is expected to keep the bank rate unchanged at 3.75%. However, all eyes will be on the bank rate vote and commentary after.The UK inflation picture in June showed that core prices remain stubborn and that will not allow BOE policymakers to rest on their laurels. So, the mix in the bank rate vote and any split among the monetary policy committee will be the key thing to watch this time around.In terms of market pricing, traders are seeing ~41 bps of rate hiks by the BOE by year-end with the first full 25 bps rate hike priced for November.And lastly, we will have the BOJ on the agenda too on 31 July. Similar to the Fed and BOE, the BOJ is expected to keep its policy rate steady this week.Given the weakening Japanese yen currency, there's a lot of pressure on the BOJ to act - especially with inflation pressures also mounting. However, they will have to contend with a weakening economy amid the continued conflict in the Middle East and also rising fiscal risks/considerations. It's a tough balancing act.But for now at least, they are not expected to move and continue with the existing policy language. As such, the pressure on the yen is very well expected to continue. Time for the MOF to act afterwards perhaps? This article was written by Justin Low at investinglive.com.