Omicron remained a concern with British Prime Minster Boris Johnson warning of a "tidal wave" of new cases of the coronavirus variant, though markets are still counting on vaccines to limit the economic fallout.
The Federal Reserve is widely expected to signal a faster tapering of asset buying this week, and thus an earlier start to rate hikes. It will also update the dot plots for rates over the next couple of years.The market is already well ahead, with a rise to 0.25% fully priced in by May and rates of 0.75% by year end.
Also meeting are the European Central Bank, the Bank of England and the Bank of Japan and all are heading toward normalising policy at their own, often glacial, pace. The market's measured reaction to Friday's U.S. inflation report suggests much is already priced in on policy, though with so many meetings there is the risk of a surprise or two.
"The outlook of global monetary policy in transition across multiple geographies at varying speeds is a recipe for volatility, and one could argue so are increased risks around the virus," said John Briggs, global head of desk strategy at NatWest Markets.MSCI's broadest index of Asia-Pacific shares outside Japan
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