Federal Reserve Chairman Jerome Powell lifts rates by 50bps and signals that the hiking path will continue into 2023, with its terminal rate up above 5 per cent. Investors now await the ECB and BoE to follow the Fed’s moves amid faint hopes that inflation may have peaked. In China, industrial production growth slumps in November while retail is down by almost 6 per cent as the countries zero-Covid restrictions continue to hamstring the economy. As EU leaders meet in Brussels to respond to the U.S. Inflation Reduction Act, we hear from Estonian PM Kaja Kallas who says competition rules cannot simply be ‘thrown out of the window’.  

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