Tommy Wilkes shows us a look into the future.

Later on Thursday, the European Central Bank will meet and all eyes will be focused on their comments regarding inflation.

Is it going to be the next central bank warning that prices are much more extreme and persistent than they were a few months back?

The problem for the ECB lies in its desire to keep its ultra-dovish stance and boost the economy of the region, while at the same moment, it has to face inflation expectations at 7-year highs over 2%.

Globally, the prospect of slower economic growth and tightening central bank policies is flattening global bond yield curves — making longer-dated borrowing more expensive. Europe was not the exception. On Wednesday, German 10-year yields saw their greatest daily drop in eight month.

It was a busy day at the central banks elsewhere. Another dovish statement was made by the Bank of Japan, which projected that inflation would remain below target for at most two years. This just confirms its view that it is not on par with other countries in reversing crisis-mode policies.

In the meantime, the Reserve Bank of Australia missed an opportunity to purchase a government bonds at its core stimulus programme. It sent yields above target, raising bets it will soon become another bank choosing for an earlier rate increase, and sending yields even higher.

The earnings season continues to be dominated by supply chain disruptions. Volkswagen (DE) is the latest automaker to announce a lower-than-expected operating margin, partly due to the shortage of chips.

Samsung (KS) posted its third highest quarterly profit in three decades, but it expects component shortages will affect demand for chips.

Markets have retreated, with Wall Street Futures opening 0.2% lower than before and Wall Street Futures closing only slightly higher.

These are the key developments expected to give more direction for markets Thursday

-ECB meeting

-German unemployment/prelim CPI Oct (4.4% Y/Y/ Reuters poll)

Inflation expectations for consumers in the Eurozone Oct

-Norway Central Bank Governor Øystein Olsen speaks

-Emerging markets: Egypt central bank meeting

-U.S. flash GDP Q3 (2.8% Reuters poll)

-U.S. core PCE flash Q3 (4.5% Reuters survey)

U.S. Initial jobless claims

-U.S. 7-yr note auction

-U.S. earnings: Allegheny, AllianceBernstein (NYSE:), Caterpillar (NYSE) Comcast (NASDAQ), Hershey Mastercard, Merck Newmont Mining (NYSE:), Moody’s, Royal Caribbean Cruises and T-Rowe Price. Yum Brands. (NYSE.) Amazon (NASDAQ.), Apple (NASDAQ.), Gilead Sciences(NASDAQ.), Starbucks (NASDAQ.), United States Steel.