Today's inflation is due primarily to the disruption the pandemic has caused to key global supply chains
The Fed announced on Wednesday a $15 billion monthly cut to its $120 billion in monthly purchases of Treasuries and mortgage-backed securities
Policy makers also updated forecasts for the economy, cutting the outlook for growth and increasing it for inflation
Anxious eyes now turn to the Bank of England, which may kick off a rate hike cycle later in the day with uncertain implications for debt markets globally.
Policy makers led by Governor Andrew Bailey said they now expect annual price growth to peak higher than expected around 4%
The pan-European STOXX 600 inched up 0.3%
The BoE must spell out more clearly why it is not reining in its huge stimulus in the face of rising inflation, the Economic Affairs Committee in the House of Lords, said in a report
The remarks sent the pound higher as much as 0.3 per cent
The BoE said cloud computing could sometimes be more reliable than banks hosting all their servers themselves
The Bank of England (BoE) has announced an unchanged interest rate at 0.1 per cent, despite prediction of inflation being temporarily above its 2 per cent target in the months ahead
The most important point, which the RBI should explain to the country - but doesn't - is that government gold and RBI gold are very different when it comes to using it for getting foreign exchange
Inflation will peak at 2.4% in the final quarter of this year before gradually scaling down, the June 14-17 poll found
Central bankers know how to raise benchmark interest rates, but they have less experience in calibrating the exit from quantitative easing.
The BoE raised its forecast for British economic growth in 2021 to 7.25% from February's estimate of 5.0%
Bank of England kept the scale of its stimulus programme unchanged as Britain's economy shows signs of recovery from its coronavirus slump
The BoE kept its benchmark interest rate at an all-time low of 0.1%
While policy makers welcome a modest rise in bond yields as a signal of confidence in the economic outlook, they worry an unchecked jump would undercut recoveries
Britain is reviewing the "Solvency II" rules for firms like Aviva, RSA and Lloyd's of London insurance market
Government relief schemes such as furlough payments and guarantees on banks' loans to companies have cushioned banks against fallout from the crisis, but these will be wound down in coming months
The British central bank said it would ask banks to get ready for the possibility of negative rates, but that financial markets should not view sub-zero borrowing costs as a foregone conclusion