Wall Street Today | Biden pledges to back Fed in effort to combat high inflation

Federal Reserve Governor Christopher Waller said he wants to keep raising interest rates in half-percentage point steps until inflation is easing back toward the US central bank's goal. Waller said that his own plan for rate hikes was "roughly in line" with expectations in financial markets.

Russia is planning a bond-payment mechanism to sidestep US sanctions and a potential default as a grace period ticks down on its latest missed coupons.

The proposal would allow foreign investors to open accounts in Russian banks in both rubles and hard currency, Finance Minister Anton Siluanov said. Unlike the previous payment system, investors will be able to access the funds without restriction, he was cited as saying.

EU leaders agreed to a partial ban on Russian oil imports, while exempting a key supply route to win the support of Hungary, as they seek ways of punishing Vladimir Putin for his war on Ukraine. The embargo will include oil and petroleum products but will exempt crude delivered by pipeline to Hungary, Slovakia and the Czech Republic, diplomats said.

Russia will cut natural gas supplied via pipelines to the Netherlands and Denmark could be next. GasTerra BV said shipments will stop on Tuesday after it rejected new payment terms imposed by President Vladimir Putin. Denmark's Orsted A/S said it was preparing for a cut as the company, best known for its wind-power business, also refused to cave in.