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Fed Ushers In Fourth Jumbo Increase in Interest Rates to Fight Inflation

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Federal Reserve officials made their fourth supersize interest rate increase in a row on Wednesday and signaled that they planned to lift rates higher than they had previously anticipated as inflation proves surprisingly rapid and stubborn.Markets gyrated as investors tried to digest the central bank’s two-part message. The Fed made clear in its policy statement that it would soon slow down the rate increases, giving officials more time to see how the economy was digesting its moves to date. That pushed stocks higher as investors sensed a letup in the Fed’s aggressive push to constrain the economy.But Jerome H. Powell, the Fed chair, underscored during a news conference after the central bank’s two-day meeting that policymakers were dedicated to wrestling price increases lower and were nowhere near stopping their efforts to raise borrowing costs and …

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