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Across the Atlantic, the Fed poured cold water on hopes of a QE3 yesterday, although it offered some respite by extending its “Operation Twist” program. The Fed also lowered its 2012 GDP growth forecast and today’s housing data is expected to confirm this downward bias. Meanwhile, the PMIs released across Europe and China today remained subdued and are weighing on high yield assets. The Spanish bond auctions and bank audit results, coupled with the EU finance ministers meeting, are likely to garner market attention today.

At home, the case for further easing by the BoE has strengthened following yesterday’s minutes indicating a widening split among policymakers.

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