Much more insightful things about the rates decision and its implications are said here, here, here, here, here, here, here, here, here and here. The upshot is that everyone’s bored of worrying about rate rises but the only way to argue that they’re no longer required is to activate Goodhart’s Law, per these two charts via Barclays:

“Rate cuts have been a pre-condition for equities to start a new bull market in the past — we’re not there yet,” says Barclays, which advises against confusing peak hawkishness with dovishness. And judging by the overnight price moves that message seems to have been taken on board: the yield on the US 2-year is back above 4.5 per cent and the 3-month moved above 4.2 per cent, equities were down and the dollar was up.

Elsewhere on Wednesday . . .

— How rate hikes are affecting the US economy (Apricitas Economics)

— Global trade imbalances (Twitter thread)

— Exit, control, and politics: structural power and corporate governance under asset manager capitalism (Sage Journals)

— The rise of the chief remote officer (BBC)

— RNS watch: Aston Martin warns; Next’s in line; GSK beats and raises; Hurricane Energy’s put itself up for sale having received a bid and been told its biggest shareholder wants out; and Metro Bank edges back into profitability, sort of

— The longest long read about energy you’ll ever need (Lyn Alden)

— Why Are US transit projects so costly? This group Is on the case (Governing)

— Can a new form of cryptography solve the internet’s privacy problem? (The Observer)

— Ways to think about a metaverse (Benedict Evans)

— Are gas stoves the new cigarettes? (The New Republic)

— Nasa finds more than 50 super-emitters of methane (Smithsonian)

— The strange business history of the Ouija board (The Hustle)

— In praise of Pong (IEEE Spectrum)

— Simpson’s Tavern on Cornhill is losing a fight with its landlord (PDF, plus a Crowdfunder if that’s your thing)