Powell’s prediction

Federal Reserve Chair Jerome Powell said policymakers expect interest rates will need to move higher to reduce US growth to below its long-term trend and contain price pressures. When that happens, however, will depend on the data. “My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2% goal,” Powell said in remarks prepared for the House Financial Services Committee. “We will continue to make our decisions meeting-by-meeting, based on the totality of incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks.” The Federal Open Market Committee paused its series of interest-rate hikes last week for the first time in 15 months, leaving rates in a range of 5% to 5.25%. But Fed officials estimated rates would rise to 5.6% by the end of the year, according to their median projection, implying two additional quarter-point hikes to wrestle with slowing-but-sticky inflation and a strong US labor-market. —Natasha Solo-Lyons

US stocks slid after Powell’s renewed warning, thwarting bets that the US central bank was nearing the end of its tightening cycle. Here’s your markets wrap.

A group of Credit Suisse’s European bondholders who were part of the $17 billion wipeout that came with the bank’s demise sued its former executives, pointing to a “broken culture” and a series of scandals they trace to its New York-based investment banking operation.

The US Federal Trade Commission sued Amazon Wednesday, alleging the e-commerce giant duped consumers into signing up for its Prime membership service and deliberately made it hard to cancel.

China said US President Joe Biden had made a “public political provocation” by referring to Chinese leader Xi Jinping as a “dictator” just days after meetings aimed at stabilizing relations.

Venezuela’s temporary ban on mining cryptocurrencies is effectively killing an industry President Nicolás Maduro worked hard to promote.

Underwater noises detected near the wreck of the Titanic can’t be positively linked to the missing submersible vessel with five people on board, the US Coast Guard said.

A winning bidder in a charity auction will pay $115,000 for a chance to lunch with Bridgewater Associates founder and billionaire investor Ray Dalio. Dalio will match the bid in a donation to the David Lynch Foundation. Its Meditate New York program seeks to provide meditation services to 10,000 front-line and health care workers in 40 hospitals across the state.

The epicenter of the restaurant world has shifted from Copenhagen to Lima. Central, in the Peruvian capital, has been named the best restaurant on the planet by World’s 50 Best. The dynamic tasting menu from chef Virgilio Martinez features ingredients from across Peru’s diverse landscape, from potatoes sourced from of the heights of the Andes to sea urchin from the ocean below. Here are the rest of the top 100, and our exclusive interview with Martinez.

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