Five Things You Need to Know to Start Your Day

Fed affirms inflation resolve. EU recommends new restrictions on travelers from China. US House in chaos over speaker votes. Here’s what you need to know today.

Federal Reserve officials last month affirmed their resolve to bring down inflation and, in an unusually blunt warning to investors, cautioned against underestimating their will to keep interest rates high for some time. Going into the meeting, markets were pricing in rate cuts in the second half of 2023. The tone of the minutes of the Federal Open Market Committee’s December gathering suggested frustration that this was undermining the central bank’s efforts to bring price pressures under control. US stocks pared gains following the report. Policymakers next meet at the end of the month.