Good morning from the Vine Angel Times. Today is Wednesday, February 24. This is your FT news briefing.

The Biden administration considers punishing Russia for the solar winds hack,

and people in the UK are dusting off their suitcases and booking holidays

now that they've seen a plan to exit lockdown. Plus, HSBC is moving the heart of its banking

business to Asia. The FT's banking editor talks about what's behind the shift. But first,

federal reserve Chairman J. Powell indicated that the central bank would stick with its ultra-loose

monetary policy to support the pandemic's stricken U.S. economy. The economic recovery remains

uneven and far from complete and the path ahead is highly uncertain. We'll take a look at how

investors responded. I'm Mark Filipino. Here's the news you need to start your day.

Fed Chairman J. Powell spoke to members of the U.S. Senate Banking Committee yesterday.

He said there was hope for a return to more normal conditions, given the ongoing vaccinations

and the drop in COVID cases and hospitalizations. But we're not out of the woods yet.

So Powell indicated that the Fed would stick with its ultra-loose monetary policy and asset purchases.

I'm joined by the FT's Washington Bureau Chief, James Politi. James, investors have been worried

about inflation since it could hurt stock values and they look to the Fed for reassurance.

Would you say that it calmed fears considering that the Nasdaq started the day yesterday

way down and then ended the day only down about a half a percent?

I would say it did work. Powell's effort to sort of minimize the risk of sharply and unhelpful

spikes in inflation this year essentially translated into his commitment to keep

loose monetary policy going for the foreseeable future. Some of the things that he said,

inflation dynamics didn't change on a dime and that sort of the Fed still viewed essentially

a disinflationary trends which have been predominant in the last few decades as sort of the

...