Good morning. Ride-share company Lyft jumped 22 per cent yesterday and sportswear maker Under Armour was up 27 per cent. The two companies reported good quarters and upgraded forecasts, after years of uninspiring results. Both are second fiddles to larger competitors Uber and Nike, respectively. Is this an underdog market? Should we expect great things from Pepsi next quarter? Email us: robert.armstrong@ft.com and aiden.reiter@ft.com.

The Fed

In central banking, boredom is success. Yesterday’s Federal Reserve policy announcement and press conference were, by this measure, successful. A quarter of a percentage point was snipped off the policy rate. Chair Jay Powell said nothing new about how he and his colleagues see the economy. They still think the following: inflation is falling, the economy is sound, and policy is restrictive. And they are still feeling their way towards a neutral rate, which they will only know when they hit it.

There was no appreciable market reaction. Well done, everyone.