Good morning. US stock futures were mostly flat in Wednesday morning trading as Wall Street braced for the Federal Reserve's latest meeting minutes and more insight on the central bank's future hiking agenda.

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Top News

US Treasury official warns: There will be consequences for doing business with Russia

• A senior official from the US Treasury cautioned companies based in China and globally that continuing business dealings with Russia that violate US sanctions will result in punitive measures.

• "The cost of doing business with Russia in violation of our policies is a steep one" Deputy Treasury Secretary Wally Adeyemo told an audience at the Council on Foreign Relations.

UK Finance Minister: US "green subsidy" a real threat

• The UK's finance minister Jeremy Hunt asserted that the US Inflation Reduction Act, which pledges substantial subsidies to environmentally friendly businesses could pose a significant competitive threat to the UK.

• There are concerns in Europe that the $369 billion of subsidies for electric vehicles and other technologies could put companies based on the continent at a disadvantage.

IMF readies new Ukraine financial aid package

• International Monetary Fund managing director Kristalina Georgieva said that Ukraine will receive a significant amount of assistance from the IMF through a new extended program.

• The IMF has provided Ukraine with $2.7 billion in emergency loans since February 24th 2022.

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In Other News

Consulting layoffs

• Prominent consulting firm McKinsey and Company is set to implement one of its largest layoffs, eliminating roughly 2000 jobs, according to reports from Bloomberg.

• Bloomberg said the layoffs are part of "Project Magnolia" which the consulting firm hopes will preserve the compensation pool of its partners.

Who wants to go out for dinner?

• Americans are still spending heavily at restaurants as the latest data from the US Census Bureau showed that consumers spent over $86.6 billion at restaurants during January, a 24% increase from the same month in 2022.

• According to a Mastercard Spending Pulse survey, US consumers said dining out "is a priority", with demand for it growing 24.2% year over year.

Amazon acquisition cleared

• According to officials from the US Federal Trade Commission, the agency will not lodge a complaint with the intention of preventing Amazon's acquisition of primary care provider One Medical.

• Amazon said in July 2022 that it would buy One Medical for $3.49 billion, expanding the e-commerce giant's virtual healthcare and adding brick-and-mortar doctors' offices for the first time.

Key Economic Events

• Wednesday - FOMC Meeting Minutes, Fed's Williams Speaks

• Thursday - Eurozone Inflation Rate, US GDP (Q4), Fed's Bostick Speaks

• Friday - Michigan Consumer Sentiment Final (Jan), Fed's Mester Speaks

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