Good morning. US stocks have their best Federal Reserve day since July as Jerome Powell reassures on inflation. Volodymyr Zelenskiy backs a ceasefire on Russian energy assets during a friendly call with Donald Trump. And five exceptional countryside hotels to slide into your Japan itinerary. Listen to the day’s top stories.

The Federal Reserve refrained from adjusting interest rates for a second straight meeting, as expected. Chair Jerome Powell signaled that the central bank saw no need for drastic action in the face of US tariffs, saying the impact on consumer prices may be “transitory.” Powell was “pretty reassuring to people that this was all quite manageable,” former New York Fed President Bill Dudley said. Markets appeared to agree: Stocks rallied after a bruising four-week stretch. Treasuries jumped.