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Good morning from the Financial Times. Today is Tuesday, January 11th.

And this is your FT News Briefing.

The Federal Reserve's second in command has resigned.

Companies kicked off the new year with a frenzy of bond issuances,

and US banks are said to report,

yep, more record profits, plus the US waged a war on drugs for five decades.

Now it's shifting to a softer approach.

I think what's driven this shift and this pivot in US policy at state and federal level

towards harm reduction is really the extent of the crisis here.

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

FED Vice Chair Richard Clarota is stepping down from his post just as his boss Jay Powell

is set to appear before US lawmakers. Clarota's departure comes after recent disclosures show he'd

been more active in financial markets at the beginning of the pandemic than he had previously

divulged. Clarota is the third senior fed official to resign in the past few months.

They all came under scrutiny for personal trades they made as the central bank was actively

loosening monetary policy back in 2020. Clarota will leave the fed on Friday just weeks from the

formal end of his four year term. Jay Powell is scheduled to appear before Congress today over his

re-nomination as head of the US central bank.

Companies are eager to raise money before central banks raise interest rates.

In the first week of this year, they raised more than $100 billion on global bond markets.

...