US stock markets are closed Monday in honor of the Juneteenth holiday, providing investors a brief but perhaps welcome respite from last week's wild ride. Alas, there's no relief for Ukraine as Russia's invasion continues. And it's that ongoing war where our coverage begins today.

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Following a torturous Thursday for the US stock market, stocks began Friday in positive territory. We take an in-depth look back at a remarkably challenging week for global markets, as well as a look ahead to what we can expect in the future.

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As expected, the US Federal Reserve yesterday implemented a king-size rate hike  of .75%. The European Central Bank is following suit with a queen-size .25% increase. US stocks rallied after the Fed's move. Is that confirmation that the Fed is now serious about tackling soaring prices? CNN's Christine Romans joins the show to discuss.

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A cornucopia of central bank action is taking place today. The main event: a rate hike decision from the Federal Reserve followed by a news conference by Chairman Jerome Powell. He's expected to confirm what the Fed strategically implied to a few select reporters earlier this week: a rate rise of .75%. Not to be outdone, the European Central Bank has announced an emergency meeting at which they will "apply flexibility and is working on an instrument to address rising bond yields in some member countries." What does all this mean? We attempt to answer that question in today's show.

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Following a miserable Monday that finished with the S&P 500 in bear market territory, all eyes are on the Federal Reserve. Goldman Sachs says they expect a three-quarter percent rate hike at tomorrow's meeting. If that prediction is correct, it would be the biggest one-day hike in borrowing costs since 1994. And that, of course, is going to have a clear impact on consumer activity and market mentality. Julia and her guests have it all covered in today's show.

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While for many around the world, summer is just around the corner. But for US consumers, the heat is already on. Red-hot inflation numbers just released show the US Consumer Price Index rose a worse-than-expected 8.6% on a year-over-year basis, driven by continued spikes in food and energy prices. CNN's Rahel Solomon walks us through the numbers.

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The European Central Bank will finally hike interest rates in an attempt to rein in soaring inflation, but not until July. The ECB plans to raise rates by 25 basis points at next month's meeting. It also announced significant cuts to its growth forecast stemming from the war in Ukraine. Anna Stewart, host of CNN's Marketplace Europe, joins Julia to provide more details. 

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Ukrainian officials say Severodonetsk in eastern Ukraine is almost entirely decimated but still not under the control of Russian forces. As this episode of First Move opens, CNN reporter Salma Abdelaziz explains why the battle over what has essentially been turned into a wasteland is vitally important. 

Also on today's show: how the war in Ukraine, China's Covid lockdowns, and rising prices are all weighing on the global economy.

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Ukrainian forces continue to defend the key city of Severodonetsk from Russian attacks. Ukrainian officials say the situation there is changing “every hour.” Meanwhile in the Black Sea, the Ukrainian navy says Russian ships have withdrawn 100 kilometers after its missile and drone attacks. Our coverage today begins with a live report from Kyiv.

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