Investors will be closely monitoring U.S. consumer and producer inflation data on Tuesday and Wednesday respectively for a reading of how well the Fed's tightening cycle has managed to curb rising prices.
"Overall equity markets reacted positively to expectations the monetary policy cycle may be nearing its peak," ANZ analysts said in a note. "U.S. markets are now pricing a 72% probability that the Federal Reserve Monetary Policy Committee will hold rates at this week's meeting."
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