The Fed's Stopping Rate Hikes

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Powell was quite clear that things are kind of moving in the right direction, but progress has been quite disappointing, at least on the inflation front. In March of last year, interest rates were around zero, and now they're well above 5%. So that's a hefty dose of tightening. And secondly, there's a lot of uncertainty about how long those changes take effect and start to really show up in the economic data. Our Russia correspondent, Polina Ivanova, uncovered this story.

The US Federal Reserve paused its interest rate rise campaign on Wednesday after 10 straight increases, and former UK prime minister Boris Johnson has been found to have committed “multiple” contempts of parliament. Plus, Russian energy giant Gazprom has been backing militias in the Ukraine war.

Mentioned in this podcast:

Federal Reserve pauses rate rise campaign but signals more to come

Boris Johnson found to have committed ‘multiple’ contempts of parliament

‘Stream’ and ‘Torch’: the Gazprom-backed militias fighting in Ukraine

Beyonce blamed for stubbornly high Swedish inflation

Credit: Beyonce performs Break My Soul in Stockholm

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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