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clean up the aviation industry? we get airborne to find out. we start in the us where the central bank has raised the cost of borrowing to its highest level in m years as it tries to rein in soaring prices. the federal reserve hiked its benchmark rate by three quarters of a percentage point to a range of between 3% and 3.75%. the feds chair, jerome powell, warned there were more rises to come, but said there is no painless way to get inflation under control. households and businesses here in the uk are also braced for more expensive borrowing with the bank of england widely expected to announce a hefty rate rise in the next few hours. more on that in a moment. first, let s hearfrom our us business correspondent michelle fleury in new york. the message from the federal reserve unmistakable, we are here to fight inflation, this is the first time us central bank has raised interest rates and smudged in response to prices rising at the fastest pace for four decades, pr ....
We have information that he is urging the mercenary fighters to quote stop and obey the will of president vladimir putin. we haven t heard from putin yesterday. what do you make of that? not a good sign. if you re putin, you will tell people, don t react to this. don t say anything about this. don t talk about it. we don t want russians talking about it. we want it to look like some woerd thing and prigozhin has had too much to drink and don t worry about it. when you have senior russian military guys saying this is not going to stand, you got stop, that shows a big in my opinion fissure you have in the government. and the russian population is constantly told, no matter what ....
Control, on the other hand we know if the federal reserve moves to quickly it could inadvertently bring about more economic pain. so there is a sense sometimes good news is bad news for the market and it s not as straightforward as we would expect markets to always move lower interest rate hike or as we have seen the inverse lately with interest rate increases, that markets have rallied. a complex picture at the moment also tied to risk sentiment, it is notjust interest rate differential driving the markets this week, it is also appetite for risk, especially after those comment from putin yesterday and the escalation of tensions with ukraine. , ., , ., escalation of tensions with ukraine. , ., , ukraine. given what you ust said it s hard i ukraine. given what you ust said it s hard to i ukraine. given what you ust said it s hard to know i ukraine. given what you just said it s hard to know where | ukraine. given what you just l said it s hard to know where to put your money right no ....
That russia doesn t have any troops along ukraine s border. putin didn t seem to be taking that line. he says all things are interconnected, but his concerns about ukraine s expansion into nato needs to be urgently addressed which sort of is an implied threat when you consider how many forces that russia still has along the border. ambassador, it s clear from kelly and richard s reporting we have to take all these reports with a grain of salt. what do you make of the claims that russia is pulling back, and what might putin s motivation be? reporter: i think you can find tea leaves for war. i think can you find tea leaves for peace today. we re all watching this very closely and depending on what you re hoping for and what your prior are you select that kind of information so whether they are pulling back or not, i don t know, and i don t trust anybody that says they know definitively. just like richard said, we ve been through this fire drill before. at the same time what lavrov sa ....