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Good morning from the Financial Times.

Today is Thursday, January 16th, and this is your FT News briefing.

Israel and Hamas agreed to pause fighting yesterday, and U.S. banks had some good news to report.

Plus, inflation in the U.S. and U.K. is proving to be pretty sticky, but the latest figures offer some hope.

I'm Sonia Hudson, and here's the news you need to start your day. Israel and Hamas agreed to a ceasefire yesterday after 15 months of brutal war.

It's a multi-stage deal that would pause fighting for six weeks and include exchanging Israeli hostages for

Palestinian prisoners. The agreement also lays the groundwork for a more permanent end to the

conflict. Here to explain is the FT's Jerusalem correspondent James Schauder. Hi, James. Hi. Can you break down this deal a little bit more for me,

starting with this first phase? What are some of the details there? Sure. So the first phase of the

deal, which as things currently stand, is set to come into effect on Sunday, involves a 42-day truce during which Hamas and the other

militant groups in Gaza who are holding hostages will release 33 hostages, which includes all the

women, the children hostages, the sick and the elderly. And in exchange, Israel will release

...