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Spring has arrived and all is well with the world. The markets even managed a sedate week of upward progress despite more catastrophic write-downs, this time from Swiss giants UBS. Such calm markets come as a bit of a shock during the tempestuous times we are living in. But is this simply a lull before the next storm blows in and buffets the markets? On the horizon this week we've got the Bank of England rates decision to unsettle things.

Most observers think a quarter percentage point cut will be announced on Wednesday. But there is still scope for an upset. MPC member Paul Tucker sounded a cautionary note during a speech last week. He made it clear that the Bank is worried about letting the inflation genie out of the bottle. In 10 years of independence the MPC has established a hard-won reputation by getting the whip-hand over inflation. Despite the hardship facing the economy, the MPC will be wary of letting inflation get out of their grasp.

There are certainly plenty of indicators that things are going to get fairly hairy for the economy. City workers are just one group reeling at the prospect of widespread job cuts. The credit crunch is also continuing to squeeze the housing markets with Halifax reducing their maximum mortgage size to 95% of property value. Soon we'll be looking back on that figure with dewy eyes. First Direct have pulled their mortgage offering for new clients completely - because of 'unprecedented demand'. Funny, isn't that when companies generally want to sell more? And the picture beyond these shores is also less than encouraging.

First a look at the US shows that they may have reached the point of no return on the way to recession. As ever, Fed head Bernanke tried to put an optimistic gloss on things but even he seems to have acknowledged that a recession is on the way. Star investor Warren Buffet thinks a recession is odds on. Expect belt tightening Stateside (just the one double triple cheese burger then).

The data doesn't lie either. US jobless figures were a third worse than expected on Friday, with construction and manufacturing particularly badly effected. Consumer confidence is at a 5 year low and the future expectations are at a jaw-dropping 34 year low.

Indeed the world over, the pinch is beginning to be felt. The International Monetary Fund has slashed its forecast for global GDP growth to 3.7% from 4.1%. It also claims there is a one in four chance of a global recession. They don't half like to doom-monger at the IMF.

Whether the pessimists are right or not, expect some sprightly spring-time market action as the economic story develops and the rate decision gets factored in to people's thinking. Set your sights on money making opportunities at ChoiceOdds.com.

The FTSE rose on 4 days last week - that is the most that it has managed in one week this year.

The DAX closed Friday down 17.5% on the year so far.

The DOW's average daily trading range this year is 353.25 ticks.

In Cleveland, Ohio it is illegal to catch mice without a hunting licence.

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