Newsletter Mar 16, 2022

3 things you must know

Inflation, war weigh heavily on Fed's rate-hike announcement
New economic projections from the Federal Reserve this week will show how far and how fast policymakers see interest rates rising this year, in a first test of the impact of the Ukraine war and surging inflation on the coming shift in U.S. monetary policy. The Fed's policy-setting committee is expected to raise borrowing costs by a quarter-percentage point at the end of today's meeting.
THE FED RISKS PUSHING THE ECONOMY INTO RECESSION

Wholesale inflation hits 10%, increasing pressure on the Fed
Fed Chairman Jerome Powell said the war in Ukraine was doing little to influence the central bankâ€™s desire to raise rates. However, Powell has signaled that his approach to rate increases will err on the side of caution despite demands from some colleagues to be bolder. The numbers place added pressure on the Federal Reserve to implement interest rate hikes amid the Ukraine crisis.
SEE HOW AND WHEN THE FED IS EXPECTED TO RESPOND

Will China come to Russia's rescue on economic sanctions?
Russia's economy is in a dire situation, thanks to unprecedented sanctions the U.S. and its allies have slapped on Moscow. Russia needs help to keep its economy functional and is turning to China. The sanctions have brought Moscow and Beijing closer, with Russia holding a big chunk of its foreign reserve in yuan, but the U.S. and its allies are threatening actions against China if it helps.
WILL CHINA RISK SANCTIONS TO HELP BAIL OUT RUSSIA?

Markets

DJIA	33,544.34	1.82%
S&P 500	4,262.45	2.14%
Nasdaq Composite	12,948.62	2.92%
Japan: Nikkei 225	25,714.22	1.45%
UK: FTSE 100	7,175.70	-0.25%
Crude Oil Futures	97.33	0.92%
Gold Futures	1,922.20	-0.39%
Yen	118.23	-0.05%
Euro	1.10	0.14%
* As of market close

Biden visiting Europe to reaffirm NATO pact

President Joe Biden will travel to an emergency NATO summit next week to demonstrate U.S. support for its allies, the White House said Tuesday. Biden will attend an EU summit in Brussels to discuss Russian sanctions for invading Ukraine and "reaffirm our iron-clad commitment to our NATO allies." Amid encouraging peace discussions, Ukrainian President Volodymyr Zelensky will talk to Congress today to ask for more U.S. assistance as Russian forces close in on the capital.

SEE HOW BIDEN AND THE GOP ARE AT ODDS OVER RESPONSE

Fed nominee Raskin withdraws her name

President Joe Biden's nominee for the role of the top Federal Reserve banking cop Sarah Bloom Raskin said Tuesday she was withdrawing her name from consideration. Raskin had previously won bipartisan approval for senior roles at the Fed and Treasury, but faced GOP opposition to boycott a committee vote on her post and four other top Fed positions, stalling their progress towards approval in the Senate.

FIND OUT WHO BIDEN COULD NOMINATE IN RASKIN'S PLACE

Will clock changes be a thing of the past?

For those still adjusting to Sunday's time change, there may be good news on the horizon. The Senate unanimously passed the Sunshine Protection Act, which would make daylight saving time permanent across the U.S. starting in 2023. If the bill passes the House, it would mean there would be no more changing of clocks in the fall and spring.

SEE WHY CONGRESS IS ADDRESSING DAYLIGHT SAVING TIME

Times they are a changin' ...

Who came up with the concept of daylight saving time, when and why?

Tuesday's answer: The record for the most Big Macs eaten in a lifetime is 32,672 (though 2021 -- and counting) by Wisconsin's Donald Gorske.

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