Powell: Fed sped up rate hikes after alarming May inflation surge ...Middle East

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Powell: Fed sped up rate hikes after alarming May inflation surge
The head of the Federal Reserve said Wednesday the central bank broke from plans to hike rates at a slightly slower pace this month after late-breaking inflation data alarmed top officials. The Federal Open Market Committee (FOMC), the panel of Fed leaders responsible for setting monetary policy, hiked its baseline interest range Wednesday by 0.75 percentage points. The decision came after Fed leaders — including Fed Chair Jerome Powell — signaled for weeks that the Fed would hike rates by 0.5 percentage points this month. The Fed tries to avoid breaking from so-called “forward guidance,” the comments Fed officials make to prepare financial markets for major decisions, in times of u

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