US hits highest interest rates in 22 years

The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point, Facebook parent Meta returned to double-digit revenue growth for the first time since the end of 2021, and US federal prosecutors charged British billionaire Joe Lewis with 19 counts related to insider trading. Plus, China’s foreign minister Qin Gang vanished a month ago and was not replaced until this week.

Mentioned in this podcast:

Federal Reserve raises US interest rates to highest level in 22 years

Facebook parent Meta posts strong revenue growth amid restructuring

UK billionaire Joe Lewis surrenders to US authorities on insider trading charges

China insists diplomacy ‘orderly’ after foreign minister’s shock removal

Mattel hails ‘Barbie’ movie success as ‘showcase’ for more brand tie-ups

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com