While the Fed was hawkish, the European Central Bank chief Christine Lagarde said the is in no hurry to raise rates.

The FTSE 100 was down 0.3% this morning, as progress in a cease-fire agreement between Russia and Ukraine seems to be stalling.

Among stocks, Ted Baker jumped 18.4%, as U.S. private equity firm Sycamore Partners is rumored to be close to submitting a cash offer for the fashion retailer.

J.D. Wetherspoon PLC said that its pretax loss narrowed for the first half of fiscal 2022, as revenues advanced.

 

Things to read today:

Joe Biden to warn Xi Jinping of US retaliation if China actively supports Russia (Financial Times)

How the U.S. and EU Cut Russia Off From the Global Economy (WSJ)