The Fed follows through on its promise to hike rates by 50 basis points – its biggest move in 22 years. Wall Street is buoyed by Chairman Jerome Powell’s comments to CNBC, playing down talk that the FOMC could move to 75bps. The BoE is expected to make its fourth straight hike of 25bps as UK inflation hovers at a 30-year high. In China, services are hard-hit by Beijing’s continued rolling Covid lockdown measures. April activity was down at its second-steepest level, hurting supply and demand. And in banking news, Société Générale has raised its bad loan provisions relating to Russia which mars its Q1 surge in trading revenue.

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