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More of the same

Today's news headlines:

‘Powell Signals More Hikes Coming, Leaves Out Details This Time’. Officials at the Federal Reserve will take a real-time approach to future policy decisions after last night’s 75bps rise in benchmark interest rates. Jerome Powell did indicate that the central bank would press on with the fastest rate of tightening in a generation to tackle sky-high inflation, while not divulging details of the magnitude of future hikes. Officials also signalled their preference to quell inflation over avoiding a recession, raising the chance that the Fed will overshoot and hamper future growth. However, post-decision markets scaled back bets on the rate of Fed hikes going forward. (Bloomberg)

‘UK Grid Warns Energy Costs Could Skyrocket Amid Russia Gas Curbs’. The National Grid delivered a stark warning that winter prices could skyrocket in the UK with Russia’s disruption of natural gas flows to Europe. The UK has limited storage capacity, meaning heavy reliance on importing through a network of pipelines to the continent and Norway. Pressure is mounting on the UK government to get out ahead of future price rises by announcing more support for households beyond the £400 already pledged. (Bloomberg)


Market mood improved after last night’s Fed announcement, with stocks in the US and Asia rallying on the prospect of less Fed tightening. The US Dollar weakened, losing 1% against the Japanese Yen, but the move may be temporary, with concerns growing that the US will slip into recession.


Australian Retail Sales: 0.2% vs 0.9% previously
US Advance GDP: 1:30PM
US Advance GDP Price Index: 1:30PM
US Weekly Jobless Claims: 1:30PM
US Treasury Secretary Yellen speaks: Tentative

Interbank rates:

GBP/USD — 1.2170
GBP/EUR — 1.1920
EUR/USD — 1.0210
USD/CAD — 1.2815

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.