Central Banks Fuel New Bets on Tighter Money as Inflation Rises Globally

Stubbornly high inflation across more wealthy economies last week prompted a shakeout in bond markets as investors began expecting central banks to quickly tighten monetary policy.

All eyes this week will be on the Federal Reserve, which is likely to begin winding down its $120-billion-a-month asset-buying program with an eye toward ending those purchases by next June.