- In line with expectations, the Federal Reserve raised its policy rate by 50 bp to the 0.75 1.00% range and confirmed aplan to reduce the size of its balance sheet (with a monthly cap of $95 billion). The Fed chair Powell noted that therecovery could withstand tighter monetary policy but also ruled out more aggressive rate hikes of 75 bp.- In Europe, the EU Commission unveiled a plan to ban Russian crude oil over the next six months and refined fuels bythe end of the year. The proposal still needs to be approved by the EU 27 member states.- In this context, stocks rose strongly in the US while fell across Europe and emerging markets. Sovereign bond yieldsedged down in the US, the USD depreciated modestly against the EUR while commodity prices went up.- Today, the OPEC+ is holding a meeting to discuss its supply policy. The Bank of England is also due to announce policydecisions while the ECB chief economist Philip Lane is giving a speech.