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Federal Reserve officials raised interest rates by a quarter-point while they noted that bank turmoil could help slow the economy.
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U.S. stocks face downside risk after the Fed went ahead with an interest-rate hike to battle high inflation after bank failures earlier this month, according to SoFi's Liz Young.
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Federal Reserve Chairman Jerome Powell says on Wednesday that the central bank is focusing on tighter credit conditions after several bank failed, which could work like rate hikes to lower inflation.
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If the Fed strategy turns out to be sound—with the bank instability largely contained and inflation falling—a truly systemic financial crisis will have been avoided at relatively low cost, in terms of financial market wreckage or inflation.
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 The Federal Reserve raises its key interest rate by a quarter point to curtail inflation despite banking stress.
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