The US Federal Reserve is expected to raise its key interest rate to 5.25% today. However, with markets pricing in a rate cut by the end of the year, all eyes will be on the Fed's statement and Jerome Powell's press conference. Yesterday's sell-off in US regional banks and the ongoing debt ceiling debate will make his comments all the more important. Mathieu Racheter, Head of Equity Strategy, notes that US Q1 earnings are coming in better than expected, but the market reaction has been muted – one big exception: large-cap communications stocks, a sector he recently put on Overweight.00:14 Introduction by Roman Canziani (Head of Investment Writing)00:54 Markets wrap-up by Mike Rauber (Investment Writing)05:51 Earnings season update by Mathieu Racheter (Head of Equity Strategy)10:11 Closing remarks by Roman Canziani (Head of Investment Writing)