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The trio of dissenters at the Federal Reserve who backed an increase in interest rates this week contend high inflation could get entrenched in the economy unless the central bank acts decisively to get prices under control.
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The main inflation barometer used by the Federal Reserve to set U.S. interest rates fell in June for the first time since the pandemic, underscoring why the Fed took no action this week to raise borrowing costs.
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The 30-year fixed-rate mortgage reached 6.66% on average Thursday.
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