Five Things You Need to Know to Start Your Day

The Fed sends market rates higher. IPOs aplenty. Zelenskiy courts Wall Street. Here’s what you need to know today.

The Federal Reserve on Wednesday signaled that US borrowing costs will likely stay higher for longer, putting upward pressure on market interest rates across the curve even as it kept its overnight target range for the fed funds rate unchanged for now. New forecasts showed 12 out of 19 officials believe there’s probably still one more quarter-point hike to come this year and Chair Jerome Powell said the central bank plans “to hold policy at a restrictive level” until it’s “confident that inflation is moving down sustainably” toward the Fed’s objective. Short-end Treasury yields led the charge higher, with the two-year benchmark touching its highest level since 2006, while US stocks took a hit.