Five Things You Need to Know to Start Your Day

The Fed says it’s ready to raise rates. China launches a three-year crackdown on money laundering. The U.S. responds to Russia's security demands. Here’s what you need to know today.

Fed Chair Jerome Powell said the central bank was ready to raise interest rates in March and didn’t rule out moving at every meeting to tackle the highest inflation in a generation. The hawkish pivot, against a backdrop of turmoil in stocks, comes amid consumer inflation readings that have repeatedly surprised and hit 7% — the most since the 1980s. Separately, the Goldilocks period is ending and the world must prepare for a future of inflation, slower growth and labor shortages, value investor Jeremy Grantham said.