A look at the day ahead in U.S. and global markets from Mike Dolan
, IBM, Morgan Stanley and one of last month's pressured banks Zions Bancorp top the slate on Wednesday.
For macro data watchers, the global growth picture remains punchy for all the recession angst about - but so too does the inflation picture. And nowhere more so thanUK interest rate markets rushed to price more severe tightening by the Bank of England ahead after surprise data showed inflation there remained in double digits last month - more than twice U.S. inflation in March and the highest rate in western Europe.
That clearly unnerved UK government bonds - where 10 year yields jumped 10bps - but it also jarred sovereign bonds around the world. U.S. two year yields climbed to their highest in more than a month at 4.26%. With the Federal Reserve's Beige Book of economic conditions due out later, many Fed officials are openly question what Bank of America's strategists described as the "consensus lust" for recession among investors.
"Wall Street's very engaged in the idea there's going to be a recession in six months or something, but that isn't really the way you would read an expansion like this," the hawkish St Louis Fed chief
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