Good morning from the Financial Times. Today is Thursday, June 17th, and this is your F.T. News Briefing.

The scandal continues to rock one of Japan's most well-known companies,

and the head of the Federal Trade Commission is expected to give big tech companies a run for their money.

But first, the Federal Reserve signaled that it will raise U.S. interest rates earlier than it had previously indicated.

We'll take a look at that decision and how investors responded.

I'm Mark Filipino, and here's the news you need to start your day.

It looks like the rock bottom interest rates the Fed set during the pandemic are going to go up in 2023.

The U.S. Central Bank wrapped up its June meeting yesterday,

and it predicted there would be not one but two rate increases in 2023.

This is a big swing from the Fed's March meeting when it predicted these low rates would stick around until at least 2024.

Here to help explain the Fed's move is the F.T.'s U.S. Economics Editor, Colby Smith.

I think in a lot of ways it has to do with the changing forecast for economic growth coming down the pipeline this year and into 2023.

What Fed officials indicated yesterday in their forecast was that growth was going to be significantly stronger than they had penciled in just as recently as March.

On the unemployment rate was going to kind of drop down to 4.5%.

Cornflation was going to pick up faster than they initially thought.

So taking together all of this indicates that the time is going to come in the near future for the ultra easy monetary policy to be scaled back to a certain extent.

Now there's a lot still has to happen before we get to this 2023 timeline and Chair Powell was very explicit in his comments yesterday.

Not to read too much into these interest rate projections, which are put forward in this thing called the dot plot.

He says to kind of take the dot plot with a grain of salt.

It isn't an official Fed forecast.

It's simply individual projections from the various Fed officials.

But of course it was a major signal to the market and had a pretty substantial market reaction.

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