Hello and welcome to the intelligence from the economist.

In New York, I'm John Fastman.

And in London, I'm Jason Palmer.

Every weekday, we provide a fresh perspective on the events shaping your world.

Heat waves come to India every year, but this years came weeks early and have been increasingly

brutal.

We look at the costs that Indians will have to bear as the scorching temperatures continue

and the few means of relief they might rely on.

And if your bird can sing in Indonesia, it can make you a pretty penny.

Almost one-third of households there keep songbirds, often for lucrative competition.

But this increasingly popular sport threatens wild bird populations.

Just up though.

It was a calm statement, plainly delivered.

Today the FOMC raised its policy interest rate by a half percentage point.

But when Jerome Powell, chair of the Federal Reserve, raised the bank's overnight interest

rate by half a percentage point in early May.

Markets were roiled.

Tech stocks suffered big losses.

We voted all major U.S. indices, but one area has arguably suffered more than most.

Crypto currencies, well they're actually taking a bigger hit than the major indices.

At one minute it looks like the market's going to rip.

The next minute it looks like the market's going to dip.

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