The main events by the morning: May 8

• The Fed kept the base rate in the range of 4.25-4.5% as expected. The rate has been at the current level since December 2024. Last year, the Fed reduced it by a total of 100 basis points. The press release following the meeting notes that fluctuations in foreign trade affected the data, but economic activity continues to grow. The FOMC is aiming for maximum employment and inflation of 2%, but increased uncertainty creates risks of increased unemployment and inflation.

• Talks between Putin and Xi Jinping, who arrived in Moscow the day before, will take place today. During the meetings, international issues will be discussed, including cooperation within the framework of BRICS, SCO and G20, as well as increasing bilateral trade. It is also planned to discuss cooperation in the energy sector, in particular, the Power of Siberia-2 gas pipeline project. 

• Hungary and Slovakia will oppose the abandonment of Russian gas. The countries will coordinate their actions to counter the European Commission's plan to phase out Russian energy sources by 2027. This was announced by Hungarian Foreign Minister Peter Szijjarto.

• The price of bitcoin is approaching $100,000 amid optimism about the US trade deal. The cryptocurrency continued its growth yesterday, driven by the confirmation from the United States and China that some trade talks will take place this week. However, the possibility of a Sino-American trade deal seems unlikely, especially given that both Washington and Beijing maintain harsh rhetoric regarding their trade war.