and just continue to work through, you know, what is, is a pretty tragic event, residents here and now pulling together to start the long, difficult work of rebuilding their communities. but the damage to yellow strengths, diverse and fragile ecosystem. oh, being much harder to repair and that's all the new spin out christy plants and it's up next with business and all the details on the federal reserves. largest interest rate high in 3 decades. i'm anthony. how'd in berlin? i'll have more. he's headlines for you at the top of the house they would build. fir, i'm skill that i work. that's hard and in the end is a me, you are not a lot of to you anymore. we will send you back. are you familiar with this?

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berlin isn't buying it. we ask an energy expert, what the impact will be and work less produce more. can it be done? british companies test drive a 4 day work week. i'm christy plats. and this is d w a business. the u. s. federal reserve has approved its largest single interest rate hike it almost 30 years. it's a signal that the central bank is serious about raining in the countries stubbornly high inflation. the 3 quarters of a percentage point increases the feds, the largest since 199094 and higher than the half point hike into that. in recent weeks, economists investors and investors began anticipating a more aggressive response. after the latest data showed us, consumer prices grew at their highest pace in 40 years and may with cost for food, gas, and housing all searching. well, here's how it fed chairman jerome pow, opened his remarks today. we at the fed understand the hardship that high inflation

is causing we're strongly committed to bringing inflation back down and we're moving expeditiously to do so. we have both the tools we need and the resolve that it will take to restore price stability on behalf of american families and businesses. well, for bar, let's bring in our correspondent yann's courts at the new york stock exchange. hi there. yes. so the fed, they ultimately went for a bigger hike than they had originally indicated. put this into context for us. why did they do this? yeah, truly, christine inflation is a huge problem at the moment and to jerome power. knowledge that the u. s. economy will grow so lower than originally anticipated, but at the same is true with inflation. i mean the other way around so that inflation is much higher than the federal reserve would like to see. and therefore, we're not just seeing the 75 basis point hike on a wednesday,

but we will probably see another 75 basis points at the next meeting in july that that leads to watch your own power into that. and he wants to ask if you believe that a soft landing is still possible, meaning increase interest rates, get inflation down and don't kill economic growth at the same point. and he believes that is possible. but if that's going to be true, remains to be seen. now young here there on the floor, the stock exchange, you know, better than anybody here. what have with markets earlier this week we saw them tanking on the news about inflation also about hence, but we're going to see the higher rate hikes. so how did they actually react today in response to the news? christy i was you're on the floor when the decision got to publish them and it was a pretty wild swing that we saw. we had to mark it up before before at 2 pm, a local time. then when we saw the news across the wires, the dow jones industrial average briefly dropped. then we saw

a blue chip said more than $600.00 point at the end of the session. the market was up a good 300 points, like a good one percent. what is interesting is that specially interest rate, the sensible stocks technology stocks. they did the best here on wednesday, the nascar composite be up by about 2 and a half percent, but i've seen it so off. don't give too much on the immediate market reacts and traders often need one to leave over such a big decision. so actually the training session on thursday might be more selling than what we've seen here on wednesday. but sure. wild swing some here on wall street after this historical right decision, as you mentioned, the biggest increase since 1994. well yeah, we'll definitely be checking in with you on what happens tomorrow. thank you. well, the european central bank also spoke out on interest rates on wednesday, the bank promised to create an unspecified mechanism to protect the euro area. countries with higher dep, from the market turbulence,

which is anticipated as barring becomes more expensive in the coming months. my colleague, emily lesnar has more the e. c. b is especially concerned about the sell off of italian and spanish government debt. that's happened since the bank decided to raise interest rates and july. it's 1st rate hike and 11 years. it's now promising a new program to bring down borrowing cost for those countries. bank officials say they can also make further dep purchases if necessary. the c, b is walking a tightrope at tamping down rising inflation while avoiding another debt crisis. like the one that nearly took down the euro currency a decade ago. some are saying the e c, b is not being aggressive enough other say it's going to far. that's one of the difficulties of having a single currency and one central bank for 19 different countries now to some of the other global business stories making us rushes war in ukraine, coupled with sharply rising energy prices is curbing the economic recovery in

germany. the fo institute has cut it's 2022 forecasts for german growth to to point 5 percent. that's down from 3 point one percent predicted. in march. you will expect commodity prices and supply bottlenecks to gradually ease. in the 2nd half of the year, brazil's electricity company, electro bras, has gone private in the 2nd biggest stock offering. worldwide this year, brazilian president j bilson are rang the bell at the sal palo stock exchange to mark the start of trading. the brazilian government stake and electro breast stands at 45 percent and that's down from 72 percent. before the launch pair of newly filed lawsuits accuses danish shipping firm maersk line limited of failing to protect employees from sexual assault harassment. the 1st was filed by a former cadet who spoke anonymously of her experience last year. the 2nd was filed by a former in turn. a top german official said,

the recent reduction in natural gas deliveries from russia is likely political in nature. kind of miss minister, robert ha, back said the russian claim of pipeline maintenance was a pretext. he said moscow wants to further drive up fuel prices. russians state on supplier gas prom reduced flows to the north stream, one pipeline to germany by 60 percent on wednesday, citing an overhaul of a compressor turbine. well, earlier we spoke with energy analyst, teary bruce, and asked him if there's any merit to german concerns where i do expect that in the grand scheme that we, i think since the last year i eat the wip mutation of gas, we have to be prepared for this we've seen a gas from stopping se spot, sage, back in 2020. why not re feeding the gym and storage at the end of mid 2021. we've seen that stop up throws in for 4 different, 5 different countries. and this is another thing that the kremlin is throwing at us . russia's invasion of ukraine led to concern about oil and gas supplies and

worsened. soaring energy prices, trickling down to customers, filling up at the pump. high gasoline prices have hit people across europe and in the united states, prompting governments to pass measures to try to ease the pain the average cost of filling a 55 liter family car has now gone well above 100 pounds. at the end of last week, petrol, at some u. k, pump soared to the psychologically significant price of $2.00 pounds per liter. the automobile association said the price hikes have been a huge sock for drivers and urge the government to intervene. it makes it a bit sick with believe that it is that let's look at why we spend and every week and i'm not going to foreign holidays. it was on many go and i feel like we'd already been doing club fun about the british government in march announced a fuel tax cut of 5 pence per liter to help drivers after record jumps and pump

prices. but many motors argue that the tax cut reduce the cost of filling up by only a tiny amount prime minister boars. johnson's government is under pressure to do more to help britain struggling with fuel and food prices. amid a severe cost of living crisis. what i want to see is those cuts in taxation not just swallowed up in one gulp without touching the gullet of the, of the few companies. i want to see, i want to see if those are those, those cuts having an impact on the pumps. however, there are growing concerns that fuel retailers are not passing, the tax cuts to customers and its people on low incomes were feeling the pinch most are sticking with the okay. it sound, all right, working one last day for the same salary and producing the same amount or even more . this is the challenge that 70 british companies will take on over the next 6 months. a pilot program wants to identify the pros and cons of

a 4 day work week. after the pandemic showed that new ways of working are possible . lewis bloomfield is cleaning kegs of beer at the pressure dropped bery in north london. he was eagerly looking forward to june to only work for instead of 5 days a week. but he also sees some challenges, remarked or just compact our workload into smaller town firms, which might be low, hard hipaa. i honestly can't see that as a bad thing. the royal society of biology, another participant, hopes, is shorter working. we could help retain employees at a time when you k. businesses are confronted with severe staff shortages and job vacancies. hitting a record 1300000. and so it's almost a vacation really has been driven by what happened over the last 2 years with the pandemic, where i think the rural saw to polish along with many, many, no, oh, oh, glaciers of religion are you worked for differently of unless encouraged. it's

a thing to look at ways in which we can be more flexible. the pilot program shouted as the world's biggest so far includes $3300.00 workers from 70 u. k. companies. it aimed to help companies shorten their working hours without cutting salaries or sacrificing revenue. similar trials have also taken place in spain. iceland, the united states and canada, australia, and new zealand are scheduled to start theirs in august. you know, the, that the real question is will the productivity increase of leasing a day will not boost the output that you've lost on that day? and i think that's probably the key part of this trial. if it does brilliant, if it doesn't, then we're going to have a really tough time sustaining a full day week without also sacrificing some growth in the economy. i think that's probably the, the crux of the martha lewis bloom's field, at least already plans to use his extra time to get involved and charity work. start a long overdue course in particle physics and spend more time with his family.

here is a reminder of the top is no story we are following for you this. our u. s. federal reserve has approved its largest single interest rate hike in almost 30 years as a takes a more aggressive path to raining and the countries stubbornly high inflation fed officials agreed to a key rate hike of 3 quarters of a percentage point. that's our show for more you can check us out a d, w dot com backslash business for me and the whole team. thank you for watching. ah, art. the asian inert memories died? bang ha. what are contemporary artists doing to help the community improve it? standard of living

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