bank crisis

Good Morning. I'm Jason Ma, writing to you from Los Angeles. Between fighting inflation or the bank crisis, the Federal Reserve leaned toward the former. Not only did policymakers raise rates by another quarter point, dashing some hopes for a pause in tightening, the so-called dot plot of their forecasts indicated another increase is coming later this year.

There is a crucial Fed decision looming today. It's the next big input for markets after weeks of turmoil that saw three US banks fail and a large European bank taken over in an emergency deal brokered by the government and regulators. All that while inflation is hovering at 6% on an annual basis here at home. 

Good morning, readers. Markets reporter George Glover here, writing to you from London while my colleague Phil Rosen is off on a well-deserved vacation.

You've probably already clocked that the biggest story in markets right now is happening on this side of the Atlantic, with investors still mulling over UBS's $3 billion rescue of its old foe Credit Suisse.

Today, I'm unpacking the biggest winners and losers from the takeover.