The Federal Reserve has lifted its benchmark interest rate by a quarter of a percentage point, Europe’s largest energy traders have called on central banks for help to avert a cash crunch, and the FT’s Tom Mitchell discusses the rising cost of Beijing’s loyalty to Moscow. Subscribe to the FT News Briefing on Apple Podcasts or SpotifyMentioned in this podcast:Fed announces first rate rise since 2018 amid surging inflationChina makes rare intervention to bolster confidence after market routThe rising cost of China’s friendship with Russia Energy traders call for ‘emergency’ central bank interventionWar in Ukraine: free to read Twitter Space: China’s involvement in the war in Ukraine The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.Read a transcript of this episode on FT.com See acast.com/privacy for privacy and opt-out information.