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Northwestern University agrees to pay $75 million as part of deal with Trump administration that restores frozen funds CNNNorthwestern Agrees to Deal With Trump Administration The New York TimesAgreement with Federal Government to Restore Northwestern Research Funding: Office of the President Northwestern UniversityNorthwestern University reaches agreement with Trump administration to restore federal funding Chicago Sun-Times
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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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TWO years ago, a group of elders in this village in north-western Uganda agreed to lend their land to refugees from South Sudan. About 120,000 are now in the surrounding area. Here they live in tarpaulin shelters and mud-brick huts on a patch of scrub where cows once grazed. Kemis Butele, a gravel-voiced Ugandan elder, explains that hosting refugees is a way for a remote place, long neglected by the central government, to get noticed. He hopes for new schools, clinics and a decent road—and "that our children can get jobs".
There are more than 20m refugees in the world today, more than at any time since the end of the second world war. Nearly 90% reside in poor countries. In many, to preserve jobs for natives, governments bar refugees from working in the formal economy. Uganda has shown how a different approach can reap dividends. The government gives refugees land plots and lets them work. In some places, the refugees boost local businesses and act as a magnet for foreign aid. Mr Butele and many...Continue reading
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