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The Federal Reserve eased up on its interest rate increases. Western sanctions haven't crushed Russia's economy, but Russians are trying to adjust to life without imports. Some billionaires are racing into space, but Ray Dalio is more interested in the deep blue sea.

The Federal Reserve slowed the pace of its interest rate increases, western sanctions are causing a steady degradation, rather than a dramatic collapse, of Russia’s economy, and billionaire Ray Dalio is teaming up with Titanic director James Cameron to invest in a luxury submarine maker.

Mentioned in this podcast:

Fed implements half-point rate rise as central banks enter new phase

Russia’s wartime economy: learning to live without imports

Bridgewater’s Ray Dalio invests in submarines for the ultra-rich

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by 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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