Stocks ease, dollar perks up as focus returns to Fed and inflation

"So far the major banks that have reported have largely helped to settle market nerves," said Khoon Goh, head of Asia research at ANZ in Singapore. "With those stresses easing away, markets are now back to focusing on the Fed."

The Fed's "beige book" of economic conditions is published on Wednesday and appearances are due from Chicago Fed President Austan Goolsbee and New York Fed President John Williams. Still, the inversion between three-month Treasury yields and 10-year yields , at more than 160 bps, is the deepest since 1981 when the Fed funds rate was retreating from peak of 19% - suggesting markets expect rates to fall.Earnings seasons is underway in earnest in Europe too.

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