The Federal Reserve will be meeting for the first time since yields exploded higher and the Biden stimulus bill became law. The Bank of England and Bank of Japan will announce their decisions too. Will Fed and other policymakers take their cues from the European Central Bank and respond to the bond market selloff by stepping up their purchases? The debate about whether higher yields warrant fresh policy action will likely dominate the market conversation, especially as there’s nothing terribly exciting on the data front.

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