G8

The G8 meeting came and went and despite a fragile global economy, they failed to come up with anything of substance. 

It seems that the central bankers around the globe are lining up to combat the inflationary effects of the oil rise.  The Bank of Canada is the latest to join the fray when they abstained from lowering rates at their meeting today when the concensus was overwhelming pointing toward a cut.  We all know of the ECB's hawkishness.  At the Fed, the members seem to be lining up with more of an emphasis on inflation, rather than growth.  Even the Bank of China over the weekend announced a rise in the bank reserve requirement (up 1%, 50 basis points higher than what they normally do).  This is in an attempt to slow inflation there.

The G8 will seriously talk about oil prices and global economy.  Expresses concern about Japans economic outlook. 

The G8 meeting this weekend in Osaka Japan is shaping up to be a potentially market moving event.