Global shares drifted on Monday from 14-month highs hit last week, as investors awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets.

Bets that the Bank of England would raise interest rates to a 15-year high this week, as inflation continues to run at more than four times its target, have bolstered the pound.

Money markets now put a 75% chance of the BoE opting for a 25 basis point (bp) rate rise and a 25% likelihood of a 50 bp hike.

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