NEW YORK (Reuters) -U.S. stocks initially rose and Treasury yields trimmed gains on Wednesday after the Federal Reserve raised interest rates by 50 basis points as expected and said it would begin to reduce its balance in June.

The Federal Reserve on Wednesday raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, and said it would begin trimming its bond holdings next month as a further step in the battle to lower inflation.

Futures on the federal funds rate have priced in a roughly 70% chance of another half a percentage-point tightening at next month's meeting after the Federal Reserve lifted the rate by the same magnitude on Wednesday.

LONDON (Reuters) -Standard Chartered's pay plans for top executives were approved by shareholders on Wednesday, but a sizeable minority of investors voted against the plans, after concerns were raised ahead of the bank's annual investor meeting.

LONDON/PARIS (Reuters) -Cryptocurrency exchange Binance has registered with France's market regulator, Chief Executive Officer Changpeng Zhao said in a tweet on Wednesday, advancing the company's plan to make Paris its European base.

Cryptocurrency exchange Binance has registered with France's market regulator, Chief Executive Officer Changpeng Zhao said in a tweet on Wednesday, advancing the company's plan to make Paris its European base.