A small drop in oil prices has boosted global markets, with Japan's Nikkei and South Korea's shares soaring by over 2%. While policymakers are expected to maintain interest rates in the range of 3.5% to 3.75%, the key question is whether surging global oil prices are more of a threat to inflation or a brake on economic growth, or a recipe for stagflation. The Federal Reserve Board is set to meet later this week, with Fed Chair Jerome Powell expected to explain the decision in a press conference and may decide whether he intends to remain on the board as a governor when he steps down as chair. The Bank of Canada is also meeting later, but no policy change is expected.