Governor says an industrial facility in Russia's Perm region was damaged in a Ukrainian drone strike.

Fed Chair Kevin Warsh rejected the view that the Fed’s decision today not to raise rates signals weakened resolve on inflation. He said the Fed will not adopt a looser inflation target and warned that inflation’s full impact on consumers can take up to six years to emerge. Warsh noted consumers are already feeling pressure from higher fuel costs and that near-term inflation expectations are rising, but said households and firms remain confident in the Fed’s ability to maintain price stability.

China A-share storage-chip sector opened lower; Fuman Micro and Baiwei Storage slid more than 10%, while Shenghe Jingwei Micro, Dapu Micro, Shengmei Shanghai and Yingfang Micro also declined.