Good morning from the Financial Times. Today is Wednesday, December 15th.

And this is your FT News briefing.

The Federal Reserve is continuing to ramp up its fight against inflation

and a British regulator lashes out at what it calls irresponsible cryptocurrency ads.

Plus, say she's sort of been a bull in a bull market and that's worked out really well

for her until now. We'll talk about Kathy Wood. She's been one of the most successful asset

managers during the pandemic. Now she's stumbling hard.

A Mark Filipino, here's the news you need to start your day.

The UK's advertising watchdog says several cryptocurrency companies have put out ads that are

misleading and irresponsible. The advertising standards authority is set to issue a formal

rebuke today. It called out two companies, Coinbase and Etoro by name. It also criticizes

Papa Johns for a promotion that offered pizza in exchange for Bitcoin. The regulator says these

ads make crypto investing sound fun and easy and downplay the risks. The watchdog will also tell

companies to make it clear that crypto assets are not regulated in the UK and that investors are subject

to tax liability. The Federal Reserve is set to tough and it stands on inflation today.

Fed officials look set to boost expectations for more interest rate increases next year to fight

rising costs and they're expected to announce a faster scaling back of the pandemic bond buying

program. Here's our US economics editor Colby Smith. In early November, it revealed that it would

be winding down its asset purchase program by a pace of 15 billion a month. Now they're looking

to slash those purchases at double that pace so by 30 billion a month and that's in order to set

the Fed up to have space to raise interest rates next year earlier than it initially expected.

Then when it comes to rate increases, there's a new dot plot coming out today and Colby reports that

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