FT News Briefing Federal Reserve slows pace of rate rises
Feb 2, 2023
The US Federal Reserve has raised interest rates by a quarter point while signaling possible future increases to combat inflation. Meanwhile, Adani Enterprises has scrapped a $2.4 billion stock sale amid troubling financial allegations. Additionally, banks affected by the Archegos Capital collapse are set to recover only a fraction of their losses. On a brighter note, the founders of Instagram have launched a new app, Artifact, aiming to rival Twitter and focus on credible news.
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Federal Reserve Signals Further Rate Hikes
- The Federal Reserve raised interest rates by 25 basis points, a downshift from previous increases.
- They signal ongoing increases are likely, prioritizing inflation control over premature easing.
Adani Cancels Stock Sale
- Adani Enterprises canceled a $2.5 billion stock sale after Hindenburg Research's fraud accusations.
- This represents a significant setback for Adani, but a win for Hindenburg.
Artifact: A New Text-Based App
- Instagram founders launched Artifact, a text-based news app using AI to curate trusted sources.
- It aims to combat misinformation and echo chambers prevalent in social media.