10 things you need to know today

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People dressed as “Star Wars” characters took part in an event held for the release of the film “Star Wars: The Last Jedi” in Bangkok.
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Reuters/Athit Perawongmetha

Here is what you need to know.

The Federal Reserve hikes rates. The US central bank on Wednesday lifted its key interest rate by 25 basis points to a range between 1.25% and 1.50%, and it said it expected three rate hikes in 2018.

The FCC is set to vote on repealing net neutrality. A repeal would be good for large telecommunications and internet companies but would most likely mean higher prices and fewer choices for consumers.

It’s a big day for central banks. The Swiss National Bank, the Bank of England, and the European Central Bank all meet on Thursday.

The head of UBS’ $1 trillion wealth-management business departs. UBS Wealth Management’s boss, Juerg Zeltner, will leave the bank at the beginning of 2018. He will be replaced by Martin Blessing, the former CEO of the German lender Commerzbank.

Ripple becomes the 4th-largest cryptocurrency. The cryptocurrency designed for banks and global money transfers reached a market cap of $18.64 billion on Wednesday, surpassing litecoin as the fourth-largest cryptocurrency.

Deutsche Borse is thinking about launching European bitcoin futures. The German exchange Deutsche Boerse says it will take “some time” before deciding whether to launch futures contracts.

A company investing in the future of bitcoin tech is splitting its stock in 10. The Crypto Company, which builds out the capital-markets infrastructure for cryptocurrencies and trades on the over-the-counter market, announced plans to split its stock in 10 after soaring more than 1,600% since December 1.

Stock markets around the world trade mixed. China’s Shanghai Composite (+0.68%) outperformed in Asia, and Germany’s DAX (-0.54%) lags in Europe. The S&P 500 is set to open up 0.26% near 2,670.

Earnings reports trickle out. Adobe, Costco, and Oracle release their quarterly results after markets close.

US economic data is heavy. Initial claims, retail sales, and import and export prices will all be released at 8:30 a.m. ET. Then, at 9:45 a.m. ET, Markit PMIs will be released. The US 10-year yield is up 3 basis points at 2.37%.