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Iran War Live Updates: Trump Announces U.S.-Iran Cease-Fire Agreement The New York TimesTrump Claims Strait Will Be ‘Permanently Toll-Free' Under Agreement With Iran The New York TimesWhat do we know about the US-Iran peace deal - and what questions remain? The GuardianU.S. and Iran agree on peace deal to end the war, Trump and Pakistan say CNBC
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Swiss voters reject proposal to cap population at 10 million The GuardianSwiss vote against proposal to cap population at 10 million BBCSwiss reject population cap in referendum, avoiding EU clash and cheering business CNNVote looms in Switzerland after foes of migration put proposal to cap population at 10 million AP NewsShould Switzerland Cap Its Population at 10 Million? Voters Will Decide. The New York Times
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The Federal Reserve served up a widely expected third consecutive jumbo rate hike when it concluded its regularly scheduled two-day meeting on Wednesday. Chair Jerome Powell and the rest of the Federal Open Market Committee (FOMC) raised the federal funds rate by 75 basis points. (A basis point equals 0.01%.)
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Although the move matched consensus expectations, a significant portion of the bond market - and plenty of traders and tacticians, for that matter - were bracing for a whopping 100 bp rate hike. Uncertainty over just how hawkish the Fed would reveal itself to be has cast a pall on equities over the preceding weeks, and so a rate hike of "only" three-quarters of a percentage point was actually met with some relief. Stocks sold off sharply when the Fed released its statement at 2 p.m. Eastern, but then drifted back into positive territory during Powell's press conference, which began a half-hour later.
Ultimately, however, the major indexes finished in the red. That's because the Fed's bottom line is that inflation is by no means under control. And while there might be ample anecdotal and emotional evidence pointing to the contrary, the economy is simply running too hot. An imbalance in supply and demand in the labor market and related strong real wage growth, snarled supply chains and a rising dollar are just some of the factors confounding monetary policymakers - not to mention corporate revenues and profit margins.
As we've
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