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The Federal Reserve pushed the pause button on its interest rate cuts Wednesday, leaving its key rate unchanged at about 3.6% after lowering it three times last year.
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The former head of commodities at Bridgewater says current dollar "freakout is overblown." Own dollar and gold, he advises.
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US intelligence agencies disagree with Trump's opposition to Chagos deal, says Starmer The GuardianStarmer defends Trump-enraging Chagos Islands deal politico.euTalks with US over Chagos Islands deal have reopened, confirms Keir Starmer Financial TimesEuropean leaders endure a new level of public embarrassment as Trump dials up the insults CNNChagos discussions with US continue, says Starmer BBC
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Carvana shares closed Wednesday at $410.04, down 14.2% following short-seller accusations of the online used retailer overstating earnings.
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Google confirms ‘Take a Message' microphone bug, disabling on old Pixel phones 9to5GoogleHow to Stop This New Pixel Bug From Leaking Your Audio to Incoming Callers LifehackerStrange Pixel bug allows callers to overhear conversations not meant to be heard PhoneArenaThe Eavesdropping Effect: How a Voicemail Bug on Google's Pixel Phones Is Broadcasting Private Conversations WebProNewsGoogle confirms the Pixel 4 and 5 are leaking audio to callers Android Police
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What it's like each day in Minneapolis CNNMinnesota educators say ICE activity is causing problems in the classroom CBS NewsMinnesota schools report rising student anxiety amid immigration enforcement crackdown kare11.comThe ICE surge is fueling fear and anxiety among Twin Cities children NPRHow daily life in Minnea
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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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