Fed raises rates again to pace of rate hikes
The Federal Reserve boosted its benchmark rate to 3.00 3.25 percent and signaled further hikes to around 4.4 percent by year end and about 4.6 percent next year. Powell said inflation must move back to 2 percent before pausing, stressing a soft landing to slow growth without triggering a recession.
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Fed hikes rate outlook spooks stocks broad market tumbles
Markets closed lower after the Federal Reserve delivered another 0.75 percentage point rate hike and signaled a higher path for rates by year end. The S&P 500, Dow, and Nasdaq all fell about 1.7 to 1.8 percent as traders weighed higher rates and potential economic slowdown. Bond yields surged on the Fed move, with the two year reaching levels unseen since 2007 while the 10 year eased slightly. The week’s selloff continues, with investors bracing for more volatility amid inflation worries.
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Trump faces New York fraud suit over asset values
New York Attorney General Letitia James files civil lawsuit accusing Donald Trump, Trump Organization, and three of his children of inflating net worth by billions through overstated asset values at properties including Trump Tower and Mar a Lago. The suit seeks at least 250 million in penalties and monitors, plus removal of trustees and bans on future NY corporate roles.
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Senate approves Kigali HFC climate pact ratification
The Senate voted 69 to 27 to ratify the Kigali Amendment to the Montreal Protocol, committing nations to an 85 percent cut in hydrofluorocarbons by 14 years. President Biden called it a historic bipartisan win. Kerry said the deal could curb up to half a degree Celsius of warming and boost U.S. exports.
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