FT News Briefing Markets sing after Federal Reserve raises rates
May 5, 2022
The US Federal Reserve has made waves by raising interest rates for the first time in over two decades, sparking investor optimism. Meanwhile, the European Union is pushing to ban Russian oil imports, though the impact on energy markets has been surprisingly muted. In Ukraine, Russian military progress remains limited, with a focus on the ongoing struggle in the Donbass region and a complex situation for returning refugees. The backdrop is a tense standoff as both sides prepare for prolonged conflict.
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Market Reaction to Fed Rate Hike
- The Federal Reserve raised its benchmark interest rate by half a percentage point, causing a stock market jump.
- Investors were relieved the Fed didn't raise rates by 75 basis points, as some had speculated.
Slow Russian Advance in Ukraine
- Russia is making minimal territorial gains in southeast Ukraine, according to Ben Hall.
- The war has become static, with both sides relying heavily on artillery.
Ukrainians Returning Home
- Around a million Ukrainians have returned home after initially fleeing the war.
- Increased confidence in the Ukrainian military and the relative safety of certain regions are cited as reasons for their return.