Five Things You Need to Know to Start Your Day
Policymakers projected rates would end next year at 5.1%, before being cut to 4.1% in 2024.
Photographer: Graeme Sloan/BloombergFed raises rates and warns it’s not done yet. HSBC tries to scoop up employees laid off by rivals. Hedge funds turn attention to the next potential crypto catastrophe. Here’s what you need to know today.
The US Federal Reserve is not close to ending its anti-inflation campaign of interest-rate increases Chair Jerome Powell said, after raising rates by 50 basis points to a 4.25% to 4.5% target range. Policymakers projected rates would end next year at 5.1%, before being cut to 4.1% in 2024. Powell said the size of the next rate increase, on Feb. 1, would depend on incoming data — leaving the door open to another half-percentage point move. Here’s what Wall Street made of the Fed’s latest hike. US stocks snapped a two-day rally on the news, with Asian equities set to head lower.