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Good morning from the Financial Times. Today is Thursday, May 5th,

and this is your FT News Briefing.

The Federal Reserve raised interest rates yesterday and some called that

dovish. Europe finally proposed a ban on Russian oil,

plus we'll have a military update on the war in Ukraine,

and we'll tell you why a million Ukrainians have returned home.

For a lot of people, it's very difficult living a brood away from home when your home is being

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

Well, the Fed did it. At the end of its two-day meeting,

the central bank raised its key benchmark policy rate by half a percentage point,

just as expected. Now, normally, a rate rise would push stocks down,

but yesterday, after the Fed's move, the S&P 500 and the NASDAQ both jumped about 3%.

Here's the FT's Kate Nugod.

This was largely the market breathing a sigh of relief that the Fed didn't go further.

People ahead of the meeting were speculating that the Fed may

increase rates by 75 basis points at some point down the line and chair Powell next that idea.

What did you hear from investors and analysts that you spoke to?

I actually heard kind of differing things about whether or not this was hawkish or dovish.

It seems like the market reaction is mostly that this has been a dovish move,

but I did hear from a couple people who said that they thought the Fed was still trying to sound

...