Good morning. US stock futures ticked slightly higher in Wednesday morning trading as investors awaited news from the Federal Reserve on its latest interest rate decision.

"Perhaps the biggest myth in financial markets is that experts have expertise or that forecasters can forecast"

Ned Davis

Top News

How will the Fed swing?

WHAT: It's a tough time to be Jerome Powell these days. All eyes will be on the Fed Chairman as he announces the latest decision by the Federal Reserve for the benchmark interest rate with analysts expecting a 0.25% increase.

WHY: The Fed finds itself between a rock and a hard place: it has to balance the consequences of managing the fallout of a banking crisis, and inflation that remains well above target.

Those junk fees gotta go!

WHAT: Seems like the folks at the White House have finally woken up to the annoyance caused by those sneaky add-on fees! President Joe Biden's top economic adviser Lael Brainard, in a panel discussion, noted that it was high time those "junk" fees be regulated or outright banned.

WHY: A host of sectors that impose fees - from airlines to landlords and banks - have gained the ire of the Biden Administration in recent months as consumers complain about how junk fees artificially drive up costs.

IMF steps up for Ukraine

WHAT: Though still ravaged by war, things might be looking up for Ukraine -- at least on the financial and economic front. The International Monetary Fund has signed off on a financing package worth around $15.6 billion, the first time the institution has agreed to lend to a nation at war in its 77-year history.

WHY: The funding, which required the IMF to change some of its existing policies, is meant to help Ukraine rebuild its economy over a 4-year period with forecasts suggesting the economy could experience a slight uptick in 2023 of about 1%

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In Other News

Another day, another social media lawsuit...

 WHAT: Mark Zuckerberg and the gang at Meta seem to be in hot water...again. This time they're being sued for allegedly not doing their part to stop sex trafficking and child exploitation on Facebook and Instagram.

WHY: The lawsuit, filed by the Employees Retirement System by the State of Rhode Island accuses Meta's leadership and board of failing to protect the company's and shareholders interest by turning a blind eye to evidence of criminal activity.

Kiss that bonus bye bye

WHAT: The Swiss government is cracking down on Credit Suisse and some sketchy business tactics as they just dropped the hammer on the bank by ordering them to suspend employee bonus payouts - at least temporarily.

WHY: The Swiss Department of Finance says federal law allows the government to set "remuneration-related measures" in cases involving Switzerland's biggest banks.

Vacuum wars!

WHAT: Hold on to your brooms folks! The US International Trade Commission just cracked down on SharkNinja's robot vacuums for infringing on a patent owned by Roomba-maker iRobot.

WHY: The lawsuit, filed by iRobot back in 2021 and upheld by the Commission, accused SharkNinja of copying its technology for mapping rooms, targeting cleanings, automatically docking to charging stations and other features.

Key Economic Events

• Wednesday - FOMC Rate Decision, Fed Chair Hold Press Conference

• Thursday - Bank Of England Bank Rate, US Current Account Balance

• Friday - No Major Economic News

Notable Briefs

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