Updates with French election result Two central banks in countries at opposite ends of the Pacific Ocean meet on Wednesday and could deliver the first half-point interest rate rises in any developed nation of this cycle. Minutes from the Fed's March policy meeting showed meatier rate hikes and an aggressive balance sheet runoff are likely in coming months as the central bank battles inflation. As rising bond yields, labour shortages and sky-high commodity prices buffet stock markets, first-quarter U.S. earnings will give investors a chance to gauge balance sheet resilience, cost pressures on companies and share buyback plans.