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Day 652

1/ The Federal Reserve approved a fourth consecutive 0.75-point interest rate increase to combat inflation, despite concern about the risks of triggering a recession and putting millions out of work. The Fed has now raised rates six times this year, pushing its target range for the benchmark federal funds rate to between 3.75% and 4% – its highest level since Jan. 2008. Fed Chairman Jerome Powell added that the “ultimate level of interest rates will be higher than previously expected,” but that “at some point” it would be appropriate to slow the pace of increases. The Federal Open Market Committee said that “ongoing increases” will still be needed to bring rates to a level that are “sufficiently restrictive to return inflation to 2% over time.” (NBC News / Bloomberg / Wall Street Journal / Washington Post / New York Times / CNN / CNBC / ABC News / Associated Press)

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