Global shares have held near record highs at the start of an action-packed week that looks certain to see the US Federal Reserve resume its easing cycle, and perhaps leave the door open to a series of interest rate cuts.

The Bank of Canada is also expected to cut rates by a quarter point this week, while the Bank of Japan and the Bank of England are both seen holding rates steady.

MSCI's all-country index hovered just shy of last week's record high, while stocks in Europe rose 0.5 per cent on the day. S&P 500 futures and Nasdaq futures were up 0.1-0.2 per cent.

Markets expect a quarter-point cut from the Fed, which would take its funds rate to 4.0-4.25 per cent, with futures implying just a four per cent chance of 50 basis points.

Key too will be Fed members' "dot plot" projections for

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