Charting the Markets: Fed Minutes Loom Large

Global stocks are little changed after a two-day gain as investors await the release of minutes from the Federal Reserve's last policy meeting. Expectations for a U.S. rate hike have shot up from 35 percent on Oct.27 to 66 percent, according to Bloomberg data. Elsewhere, the Bank of Japan starts a two-day meeting just days after it was revealed the economy sank into a recession. Don't expect any change in stimulus. That's the view of all 41 economists surveyed by Bloomberg News.

The widening spread - or difference - between the yield of U.S. two-year notes and their G-7 peers is now 76 basis points, the widest since July 2007. That reflects the view the Federal Reserve is ready to raise interest rates for the first time since 2006. It also highlights a divergence in monetary policy between the world's biggest economies. While the Fed contemplates tighter policy, the European Central Bank has signaled it's ready to boost stimulus next month, while the Bank of Japan has pushed back its deadline to achieve stable 2 percent inflation, raising the possibility of more bond-buying.