Good Morning. The Bank of Japan started its rate-rising cycle and announced a slowdown in buying bonds. The yen jumped, and Japanese banks are loving it. And in another sigh of relief: Meta’s earnings were just fine. Revenue rose 22 per cent. If we can get past Apple and Amazon tomorrow without an accident, the ageing bull market will be clear to run a bit further. What risks are we missing? Email us: robert.armstrong@ft.com & aiden.reiter@ft.com.
It’s all going according to plan
We got what we expected. The Federal Reserve did not cut rates but signalled an important change in posture: from leaning into the price stability mandate, to a balance between prices and employment. This opens the way to lower rates if the next few inflation reports co-operate.
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