Marketmind: Full steam ahead for central banks

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A look at the day ahead in markets from Sujata Rao. From Wednesday, the U.S Federal Reserve starts allowing the bonds it holds to mature, and will no longer replace them - so called quantitative tightening (QT). Its aim is to allow $95 billion to roll off its balance sheet per month but it will start June off

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From Wednesday, the U.S Federal Reserve starts allowing the bonds it holds to mature, and will no longer replace them - so called quantitative tightening . Its aim is to allow $95 billion to roll off its balance sheet per month but it will start June off at a more sedate $45 billion monthly pace.

The European Central Bank, meanwhile, will scale back its net asset purchases to 20 billion euros for June. Their trepidation can be understood. Hopes inflation might have peaked are being challenged by oil prices which have just seen six straight months of rises. Markets could tighten further as the European Union starts cutting oil imports from Russia.And figures on Wednesday showed British retailers raised prices at the fastest pace in over a decade last month, as food and energy costs bit. German retail sales plunged 5.4 per cent in April, with consumers feeling the pinch from higher prices.

While the lockdowns are now ending - as of Wednesday, Shanghai citizens can leave their homes and drive their cars - that could add more impetus to oil markets.

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