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The Federal Reserve announces its latest interest rate decision

Global stocks rose on expectations of a rise in rates for the first time since 2018.

An eagle sculpture tops the U.S. Federal Reserve building's facade in Washington.
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  • Morgan Haefner
By Morgan Haefner

Deputy email editor


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Here’s what you need to know

The Federal Reserve announces its latest interest rate decision. Global stocks rose on expectations of a rise in rates for the first time since 2018.

Meanwhile, a key Biden Fed nominee withdrew her candidacy. The US president wanted Sarah Bloom Raskin as the Fed’s vice chair for supervision, but she knew she couldn’t get Senate approval.

Ukrainian president Volodymyr Zelenskyy addresses the US Congress. He is expected to once again call for more military aid, and earlier said peace talks with Russia “sound more realistic.”

Russia is set to default on its foreign debt for the first time since Lenin. It has to pay out $117 million in interest payments on dollar-denominated bonds today.

Tesla raised prices. Before hikes on cars in the US and China were announced, CEO Elon Musk had warned about the effects of inflation on the cost of raw materials.

The US Senate voted to end daylight saving time. If it gets through the House, and past Joe Biden’s desk, clocks will be left alone from November 2023.

What to watch for

Foxconn, the biggest manufacturer of Apple’s iPhones, reports earnings today while two of its factories in Shenzhen remain closed.

After a rise in covid cases, China ordered all nonessential businesses in the province to shut down for a week starting March 14. Foxconn is trying to shift production to other factories to limit disruption—but if the lockdown drags on, it could create supply challenges for Apple, which just announced a new line of products.

Like other companies with major operations in Shenzhen, Foxconn saw its stock price fall after Chinese officials announced the lockdown.

Executives will try to reassure investors on today’s earnings call, but the episode underscores how vulnerable the global economy still is to pandemic-induced supply shocks, especially as China remains committed to its zero-covid strategy of widespread lockdowns in response to small outbreaks.

The world has never needed less oil

A chart showing the declining intensity of oil in the global economy between 1970, to now, where it makes up about half as much of the world's GDP

Oil prices may be dropping, but if more countries join the US in banning Russian oil, prices will surge again, potentially to their highest point in decades. The good news is that the global economy, which is using oil more efficiently than ever, has never been so insulated from high oil prices.

The bad news is that oil isn’t the only energy source that used to flow from Russia and now barely trickles—coal prices are surging, too. There’s semi-good news wrapped up in this as well, in that these pricey fossil fuels could help speed up renewable development as countries become painfully aware of the vulnerabilities of energy dependence.

Do you have a prosthetic?

Image copyright: Eric Helgas, styling by Alex Citrin-Safadi

Athletes at this year’s Paralympics, which just completed its run in Beijing, have prosthetics perfectly designed to help them sprint, jump, or swim. Now the technology behind those prosthetics is coming to everyday people who need it—and, possibly, to people who don’t.

For each of the following, identify whether it is or is not a prosthetic.

  • Antique wooden eye
  • Much more antique wooden toe
  • The eyeglasses you’re wearing
  • An iPhone containing all your contacts

The answers are a little more complicated than you may think. The latest episode of the Quartz Obsession podcast explains what could go wrong when technology starts to focus on augmenting able bodies for super-human functions.

🦿Listen on: Apple Podcasts | Spotify | Google | Stitcher

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A NASA astronaut broke the record for the longest space flight. The previous record was 340 days, 8 hours, and 42 minutes.

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