The Great Divergence, Ukraine Aid Blocked, China Growth Fears

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Europe’s central bankers are in no hurry to join the US pivot toward interest-rate cuts: the Bank of England kept interest rates at a 15-year high, sticking with its message that borrowing costs will remain elevated for some time despite growing bets on a wave of cuts in 2024. And European Central Bank policymakers are largely united in expecting to cut interest rates later than financial markets currently anticipate, according to officials familiar with their thinking. (2) Hungary has blocked a new 50-billion-euro EU financial aid package for Ukraine. (3) China's central bank has injected a record amount of cash into the economy. (4) Citigroup Inc. will shutter its municipal business, one of the most dramatic moves yet by Chief Executive Officer Jane Fraser as she seeks to squeeze better returns out of the Wall Street giant. See omnystudio.com/listener for privacy information.