Greg Smith

Yeah, for sure.

So it kicks off a big week for central banks.

The message is clear.

They're not hiking yet, but getting closer.

So Japan, they held rates at three-quarters of a percent, so that was as expected, but the tone mattered more.

Quite a different, I suppose, situation to other central banks, and the Bank of Japan is finally normalising after years of ultra-loose policy and the asset bubble, which...

I suppose exploded back in the 80s.

But yeah, divided board, a few dissenters.

June meeting seen as live, 70% chance of a hike.

Inflation the key driver, so forecast there lifted to 2.8%.

That's well above the 2% target.

growth's the trade-off like a lot of places growth is pretty weak yen jumped on decisions seen as a hawkish hold and obviously global tensions are clearly the wild card but the interesting thing is mike the policy language was shifted a bit uh that boj signal it can hike even if growth is weak and that's a familiar message we're seeing uh obviously of course still sort of worried about what inflation is doing but big signal for market sets the tone for the week ahead of course we've got the fed we've got the ecb we've got the bank of england

and the Bank of Canada.

So the key question is now, do other central banks deliver the same message?

Are they willing to tolerate weaker growth to keep inflation under control or the reverse?

So, yeah, let's see.

Give us the numbers.

So the Dow is deadpan flat at the moment, 49165.

The others have stepped back a little bit.

S&P 500 is down 0.6%, 7131.