Global Stocks Hit All Time High As Fed Meeting Begins

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With the Fed set to begin its latest 2-day meeting (no rate hike is expected), S&P futures are little changed with European and Asian stocks higher after the VIX dropped to a 10 year low and the Nasdaq rose to record highs, sending the MSCI All-Country Index back to all time highs, as global markets reopen after holiday with investors focusing on stronger corporate earnings, while ignoring weaker than expected "hard" economic data and geopolitical concerns. The yen extended losses, with the USDJPY rising to the highest since March 21; gold slid and WTI crude futures rose while Treasury yields climbed after Steven Mnuchin said it "could absolutely make sense" for the U.S. to sell ultra-long bonds.

The MSCI All-Country World Index was poised for another all time high, as global market cap once again rose above $50 trillion. European shares advanced after the May 1 holiday, as BP jumped after posting stronger than expected earnings. European government bonds fel
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