Stocks in Asia were mixed in early trade, while US equity futures fell as investors prepare for a busy week of economic data that will help illuminate the path forward for interest rates.

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Shares edged higher at the open in Japan, but declined in South Korea and Australia. Contracts for the S&P 500 and the Nasdaq 100 were both down about 0.2 percent following a muted end to trading last week. Hong Kong stock futures pointed to a slight decline.

The dollar was little changed while the yen strengthened versus all of its Group-of-10 counterparts. New Bank of Japan Governor Kazuo Ueda will hold his first monetary policy meeting later this week. The central bank is said to plan to review and inspect policies taken over the past decades during the meeting.

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Treasuries edged higher in early Asian trade, while Australian and New Zealand bonds fell. US two-year yields, which are relatively sensitive to the outlook for Federal Reserve policy, had climbed eight basis points last week.

Meanwhile, swaps markets continue to see Fed interest rates peaking in coming weeks before a series of cuts later this year.

Those forecasts, however, may shift rapidly this week. US GDP data is forecast to reveal slowing growth, while the so-called core PCE deflator, the Fed’s preferred inflation gauge, is expected to show a cooling in prices growth. The central bank’s favored wages gauge is expected to show worker pay accelerated, according to forecasts from Bloomberg Economics.

“The thought that the Fed is going to aggressively cut into year end is misleading,” Kim Strand, head of fundamental research and ESG integration for Franklin Templeton Investment Solutions, said in an interview with Bloomberg Television. “We believe what the Fed is saying: that it will hike and stay there until you see these areas of inflation coming down.”

Elsewhere this week, the euro-area will publish GDP data and there will be monetary decisions in Sweden.

A busy week for earnings will include banks Credit Suisse Group AG and UBS Group AG, First Republic Bank and First Citizens Bank, the acquirer of Silicon Valley Bank. Tech companies will also be in the spotlight with those to report including Microsoft Corp., Meta Platforms Inc. and Amazon.com Inc.

In commodities, oil slipped following last week’s decline and gold ticked higher.

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