FT News Briefing Fed enters a new phase
Dec 15, 2022
The Federal Reserve has eased interest rate hikes as inflation peaks, marking a shift in monetary policy. Meanwhile, Russia's economy shows surprising resilience under sanctions, with clever strategies to circumvent import restrictions. Wealthy investors, including Ray Dalio and James Cameron, are diving into luxurious submarine manufacturing, illustrating a growing trend among the elite. This reflects not only a fascination with ocean exploration but also a new status symbol in an increasingly competitive luxury market.
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Fed Slows Rate Hikes
- The Federal Reserve slowed interest rate hikes to 50 basis points after four consecutive 75-point increases.
- Inflation is slowing, but Fed Chair Jerome Powell remains concerned about persistent price pressures.
Impact of Sanctions on Russia
- Western sanctions haven't caused a dramatic collapse of Russia's economy but a steady erosion.
- Russians are adapting to life without some imports, noticing limited product options and resorting to smuggling.
Life in Moscow
- Polina Ivanova, returning to Russia after a decade, observed no empty shelves or long queues in Moscow.
- However, some goods are noticeably absent, prompting relatives to ask her to bring specific items.