London/Hong Kong — World stocks hit yet another record high on Tuesday, with European shares poised for their longest winning streak since 2019 as investors bet that “transitory” inflation pressures are likely to keep the US Federal Reserve from signalling a shift in policy settings at its meeting later in the day.

The majority of investors surveyed by Bank of America said inflation was transitory, a marked change from March, when worries about more sustained price rises had sent US 10-year Treasury yields surging to nearly 1.8%. With the yield now pinned below 1.5%, BofA expects the Fed to signal a reduction in stimulus by September...

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