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Trade rep tries to walk back Trump's remarks on arms for Taiwan PoliticoTaiwan won't be sacrificed, US arms sales a commitment, president responds to Trump ReutersTaiwan says US arms sales that Trump called a bargaining chip are 'most important deterrent' FortuneTaiwan's president says island 'will never be sacrificed or traded' in stern rebuke of China Fox News
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UAE reports drone strike at nuclear power plant as Iran war deadlock persists ReutersUAE reports strike near Abu Dhabi nuclear power plant BBCDrone strike sparks a fire on the edge of UAE nuclear facility France 24Trump to convene Situation Room meeting as Iran threatens US Gulf bases Fox News
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Fire sparked after drone strike at UAE nuclear plant politico.euIran war live: Trump says ‘clock is ticking' for Iran to make deal with US Al JazeeraDrone attack starts fire at UAE nuclear power plant PBSUAE reports strike near Abu Dhabi nuclear power plant BBC
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Canadian national health agency confirms 1 positive hantavirus test AP NewsCanadian cruise passenger gets a presumptive positive hantavirus test result after ship outbreak CNNCanada confirms first hantavirus case in isolation in British Columbia The GuardianCanadian MV Hondius cruise passenger tests positive for hantavirus NBC NewsB.C. couple in hospital isolation after testing positive for hantavirus
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To Critics, Trump Remarks Reveal a Billionaire Out of Touch The New York Times‘Perfect statement': Trump defends saying he isn't thinking about Americans' finances amid Iran talks NBC NewsTrump's Latest Gaffes Could Hurt the GOP The AtlanticTrump's ‘financial situation' gaffe underscores his Iran war problem CNNTrump says Iran war is worth the economic pain. These rural voters agree Y
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They all just figured out small business is a good place to be. Too bad the timing sucks.
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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