Global Rate Effects Could Unfold Gradually

A.M. Edition for Dec. 19. Europe throws Kyiv a fiscal lifeline in a move officials say could give Kyiv more leverage in negotiations over ending the war, but fail to agree on a plan to tap frozen Russian assets. Plus, OpenAI aims to raise as much as $100 billion to pay for its ambitious growth plans in a market that has started to cool on the artificial-intelligence boom. And WSJ Tokyo bureau chief Jason Douglas explains how interest-rate rises in Japan could push up borrowing costs in the U.S. Luke Vargas hosts.

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