Asian shares slipped on Monday and Wall Street futures eked out slight gains amid worries the U.S. Federal Reserve would this week underline its commitment to fighting inflation with whatever rate pain was required.
Looming over markets are concerns major central banks will have to tighten so aggressively to contain runaway inflation that they will tip the world into recession.
Relief seems unlikely this week with UK inflation figures expected to show another alarmingly high reading that could push the Bank of England into hiking at a faster pace.A whole chorus line of central bankers are also on the speaking calendar this week, led by a likely hawkish testimony from Federal Reserve Chair Jerome Powell's to the House on Wednesday and Thursday.
The hawkish outlook is keeping the dollar at 104.420 and near last week's two-decade high of 105.790.
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