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Good morning from the Financial Times.

Today is Thursday, November 3rd, and this is your FT News Briefing.

The Federal Reserve raised interest rates by another three-quarters of a percentage point

yesterday, and in our U.S. midterm election series, we're going to go to Arizona,

where election deniers have a real shot at running the state.

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

The Federal Reserve raised interest rates yesterday by 75 basis points.

It is the fourth time in a row it has done so.

Fed Chair J. Powell signaled that the U.S. Central Bank is prepared to slow down

the pace of its monetary tightening, but we may ultimately move to higher levels than we thought

at the time of the September meeting. So rates at a higher level than the Fed expected,

but at a more gradual pace. Investors didn't like any of this.

The S&P 500 ended the day down two and a half percent. The NASDAQ dropped more than three.

The FT's Colby Smith has more on why Powell was so adamant about staying the course.

There's been some skepticism about the Fed's commitment to doing what it needs to do in order

to get inflation under control. There's been some skepticism about whether they will proceed with

interest rate increases as the unemployment rate ticks up. We see more job losses and we see

growth slow substantially. That's really, I think, what he's trying to counteract is this idea

that the second the economy starts to turn in a more substantive way that the Fed's going to pivot

abruptly and back away from its tightening plans. I think that that's the message that Powell is

...