Markets rallied Thursday after the US Federal Reserve played down chances of a huge interest rate hike in the near future, while oil extended gains as the European Union moved to ban imports from Russia.
US central bank officials announced an expected half-point lift in borrowing costs — the biggest since 2000 — as part of its battle to rein in inflation, while unveiling a timetable to offload its vast bond holdings.
However, traders were given some much-needed cheer when Fed boss Jerome Powell said a 75 basis-point rise, which had been flagged by many observers,…
