Jay Pinocchio more like it; actually we’d rather not have these Adani securities; two Greensill funds down, two to go for Credit Suisse; and more!

Stock, Bond and Crypto Investors Bet Fed Is Bluffing on Interest Rates [WSJ]
Fed Chair Jerome Powell didn’t try to push back against market expectations of a shallower rate path during Wednesday’s press conference and instead chalked up the divergence to a “difference in perspective…on how fast inflation will come down.”
He added, “I’m not going to try to persuade people to have a different forecast, but our forecast is that it will take some time and some patience, and that we’ll need to keep rates higher for longer.”

ECB and Bank of England fight inflation with sharp interest rate hikes [CNN]
The European Central Bank (ECB) and the Bank of England lifted rates by another half a percentage point. Benchmark interest rates for both are at their highest levels since 2008.
Across the Atlantic, the Federal Reserve eased up on rate hikes on Wednesday, delivering just a quarter-point increase as it judged that it was making progress in its battle against inflation.

Adani Crisis Deepens as Stock Rout Hits $108 Billion [Bloomberg via Yahoo!]
After drawing money from the Middle East and other Indian billionaires to shore up a $2.4 billion share sale, he then abruptly pulled it late Wednesday…. In a sign of how risk perceptions are rapidly changing, units of Credit Suisse Group AG and Citigroup Inc. have stopped accepting some securities issued by Adani’s companies as collateral for margin loans to wealthy clients. India’s central bank has asked lenders for details of their exposure to the indebted conglomerate, according to people familiar with the matter.

Shell’s Profit Soared to $42 Billion Last Year [NYT]
For the fourth quarter alone, it had $9.8 billion in adjusted earnings, a 54 percent increase over the period a year earlier…. While pleasing to shareholders, Shell’s profits have prompted criticism. Britain twice increased tax rates on oil and gas production in 2022, but some British lawmakers are calling for further rises to help finance assistance for consumers paying high energy bills.

Credit Suisse winds down second Greensill-linked fund [Reuters]
A final payment scheduled for February 6 will bring the total amount returned to investors in Nova, the Luxembourg domiciled investment grade fund, to $256 million, which represents between 99.4% and 99.9% of the fund's total, depending on share class.

Bed Bath & Beyond Says It Missed Interest Payments on Bonds [Bloomberg via Yahoo!]
The retailer failed to make Feb. 1 payments on notes that total more than $1 billion, a spokeswoman said Wednesday in an emailed statement.
The default means Bed Bath & Beyond has entered a 30-day grace period, during which time it can still make the interest payments…. Bed Bath & Beyond is weighing various financial options, including the possibility of a Chapter 11 bankruptcy filing….