• Fed maintains federal funds rate at 3.50-3.75%, unchanged from March
• Inflation elevated, driven partly by higher global energy prices; dual mandate risks noted
• Two dissenters favored a 25bps cut; three opposed easing bias in statement

• PRA proposes raising capital requirements for funded reinsurance from 2-4% to ~10% of annuity liabilities to address regulatory inconsistency
• Current £40bn exposure to funded reinsurance seen as rising rapidly, posing solvency risks under stress scenarios
• Proposals aim to reduce incentives for offshore reinsurance, shifting capital toward direct UK investments