NextGen Day

The world’s financial markets are keeping an eye on upcoming central bank meetings.

Global markets are anticipating key central bank meetings this week, which might result in a shift in monetary policy decisions as a result of the conflict in Ukraine and the impact of Russian sanctions on their economy.

The two-day meeting of the US Federal Reserve will end on Wednesday. The Fed is largely expected to raise interest rates by 25 basis points to begin monetary tightening, with at least three more hikes possible by the end of the year.

The Fed’s economic projections, which will include estimates of economic growth, unemployment, inflation, and interest rates, will be eagerly watched by investors.

These could be changed if Fed policymakers consider that US sanctions against Russia are having a negative impact on the American economy, particularly in terms of oil costs.

On Thursday, the Bank of England will meet, with most analysts expecting the UK’s central bank to raise interest rates for the third time to combat increasing inflation.

The Bank of England has raised interest rates twice in the last three months, the most recent hike being 25 basis points to 0.5 percent in February.

The Bank of Japan (BoJ) will meet on Friday and is expected to keep its interest rate at negative 0.1 percent.

The Bank of Japan (BoJ) deviates from other major central banks by keeping interest rates unchanged, despite the fact that consumer inflation expectations in Japan have reached new highs.

The Turkish central bank will convene on Thursday at 2 p.m. local time to deliver its monetary policy decision (1100GMT).

Aside from the possibility of a shift in major central banks’ monetary policies, Russia’s assault on Ukraine continues to cause investors concern and uncertainty.

Brent crude oil hit a high of USD139.13 per barrel last week, its highest since 2008, as a result of the US and UK’s import bans on Russian oil, natural gas, and coal.

At 0710GMT on Monday, the worldwide benchmark was trading around USD109.43 per barrel, down 2.9 percent on the day. The US benchmark West Texas Intermediate was down 3.2 percent at USD105.83 per barrel.

Gold fell 0.6 percent to USD1,976 per ounce, and silver fell 0.7 percent to USD25.68 per ounce, indicating a decline in precious metals.

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