Your Evening Briefing: U.S. Calls Russia’s War a ‘Nuremberg Moment’
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A candlelight vigil for Ukrainians who were killed in the towns of Bucha and Irpin, at the Taras Shevchenko monument in Lviv on April 5. Nations worldwide expressed outrage at the large numbers of civilian casualties in towns surrounding Kyiv that were among the first targets of invading Russian forces.
Photographer: Seth Herald/BloombergYesterday, the implosion of the TerraUSD stablecoin kindled wide-spread panic in the crypto space. But 24 hours later, things looked a bit calmer. Terraform Labs restarted the Terra blockchain following a software update to help avoid attacks against the network. In the land of equities, however, there was little calm in the air on Thursday. More hair-raising volatility in the S&P 500 pushed the index within spitting distance of a 20% drop. Coming 30 points from a bear market before an end-of-day rally, the benchmark appears destined to decrease for a sixth straight week, something that hasn’t happened since June 2011. While recessionary fears tied to the U.S. central bank’s inflation fight are animating many investors, Fed official Mary Daly backed raising interest rates by a half-percentage point at each of the central bank’s next two meetings, adding she’d like to see financial conditions tighten further. “Going up in 50-basis-point increments to me makes quite a bit of sense,” she said. “And there’s no reason right now that I see in the economy to pause on doing that in the next couple of meetings.”
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