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Good morning from the Financial Times.

Today is Wednesday, February 22nd, and this is your FT News Briefing.

One of the world's most dovish central banks is turning into quite the hawk,

and will take a deep dive into Ukraine's economy a year since Russia invaded.

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

Eurozone economies are proving so resilient.

Investors are ramping up bets that the European Central Bank will raise interest rates

to all time highs. The ECB long had some of the lowest interest rates and was seen as one of

the world's most dovish central banks, but recent data shows strong service sector activity

and demand for higher wages. Now, the ECB is expected to raise rates substantially.

Swap markets are pricing in a jump in the ECB's deposit rate from the current 2.5% to 3.75% by

September. That would match its peak back in 2001, that's when the ECB was still trying to

shore up the value of the newly launched Euro. It's been one year since Russia launched

its full-scale invasion of Ukraine, and the cost of that invasion has rippled out into

so many different places. Our friends at the FT Podcast behind the money have an episode out

this week about those costs, so today on the briefing we're going to play part of that episode

for you. Here it is. I'm Michele Tendera from the Financial Times. Today on behind the money,

we'll be examining the different layers of cost that this last year of war has had.

To understand what's happened to Ukraine's economy, I spoke with the FT's Europe Editor Ben Hall.

He says that first we need more context.

...