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Good morning from the Financial Times.

Today is Thursday, July 28th, and this is your FT News Briefing.

The Fed delivered another historic rate rise, and Wall Street stock prices jumped higher.

Soaring gas prices in Europe are adding to fears of recession,

and the Twitter takeover saga is wearing down employees.

I'm Jess Smith, in from our Filipino, and here's the news you need to start your day.

The Federal Reserve yesterday doubled down on efforts to fight inflation.

It raised its benchmark policy rate by three-quarters of a percentage point

for the second month in a row.

But Fed Chair Jay Powell also signaled that the tightening could ease

than you as stock markets rallied.

Here's the FT's Colby Smith on the markets reaction.

Well, it was a bit confusing because in very few parts of Chair Powell's press conference,

did we hear any real capitulation about the Fed's commitment to raising interest rates

and to stamping out inflation?

But there were a few moments of dovish signaling in the press conference

that I think markets really seized upon.

In particular, when Chair Powell said that a forthcoming interest rate increases

may begin to slow, but that being said, he was quite explicit

that if larger than usual rate hikes are necessary and warranted by the data

...