Analysts fear that central banks' heavy hand in the fight against inflation will eventually tighten economies. Premiums paid on 10-year U.S. Treasuries, for example, continue to rise after short-term rates posted one of the biggest daily increases in a decade on monday. What is striking the market is not the rate itself (2.34% for 10-year bonds), but the speed with which they have risen in a short space of time.

As European stock markets and U.S. index futures rose, the dollar appreciated against a basket of 10 of the world's major currencies. Bitcoin hit its highest level in nearly three weeks. And oil prices retreated, although  less sharply than seen earlier in the morning. Those who still had doubts about the Fed's willingness to tackle inflation now know that the central bank is determined to win the game.

Fed Chairman Jerome Powell said the bank will take whatever steps are necessary to reduce inflation, even if that means raising interest rates faster than expected. Several central bankers, including the presidents of the U.S. central bank (ECB) and the Federal Reserve, are speaking this week at the BIS Innovation Summit, which runs today through tomorrow.

Investors will also be looking at a number of global macroeconomic indicators, which will give an idea of how the war is affecting output, prices, consumer and business confidence and economic expansion.