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Russia’s ‘hostile activities’ could intensify this week, Zelenskyy warns; the West must prepare for war ‘to last for years’
Air force failures put pressure on Russia’s ‘exhausted’ ground forces, UK says Service members of pro-Russian troops on an infantry fighting vehicle in the town of Popasna in the Luhansk Region, Ukraine, on June 2, 2022. Alexander Ermochenko | Reuters Russia’s air force has underperformed and its failure to consistently deliver air power is likely […]
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Bank of America economist says his ‘worst fears around the Fed have been confirmed’
The Federal Reserve waited too long to start fighting inflation and now runs the risk of dragging the economy into a recession, according to Bank of America’s top economist. On the heels of the central bank’s 75 basis point rate hike Wednesday, BofA global economist Ethan Harris said the Fed is being forced into such […]
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Fed promises ‘unconditional’ approach to taking down inflation in report to Congress
U.S. Federal Reserve Board Chairman Jerome Powell takes questions after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflation, during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, June 15, 2022. Elizabeth Frantz | Reuters […]
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Powell vows that the Fed is ‘acutely focused’ on bringing down inflation
Federal Reserve Board Chairman Jerome Powell speaks to reporters after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflation, during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., June 15, 2022. Elizabeth Frantz | […]
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Everyone knows inflation is on fire. This is what’s really fueling it
Meat is seen in a supermarket as rising inflation affects consumer prices in Los Angeles, California, June 13, 2022. Lucy Nicholson | Reuters Inflation doesn’t just happen at the gas pump and grocery store. There are literally hundreds of avenues that filter into broader measures the government uses to gauge price increases. The big three […]
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Russia attacking Severodonetsk with ‘all available firepower’; Zelenskyy says Russia has ‘significant advantage’
Russian forces using ‘all available firepower’ to pound Severodonetsk, Ukraine says Russian forces are using “all available firepower” to pound the key target of Severodonetsk and neighboring Lysychansk as well as Bilohorivka, a settlement to the west of the twin cities that are separated by the Siverskyi Donets river. In the latest military update from […]
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Fed hikes its benchmark interest rate by three-quarters of a point, the biggest increase since 1994
The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994. Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of […]
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Here’s everything the Fed is expected to announce, including the biggest rate hike in 28 years
US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. Jim Watson | AFP | Getty Images The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point. In response to soaring […]
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Retail sales posted unexpected 0.3% decline in May as inflation hammers consumers
Retail sales turned negative in May as consumers pulled back spending while inflation surged, the Commerce Department reported Wednesday. Advance retail and food service spending fell 0.3% for the month, below the Dow Jones estimate for a 0.1% gain. Excluding autos, sales were up 0.5%, which fell short of expectations for a 0.8% increase. The […]
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Ukraine says delays over weapon supplies ‘cannot be justified’; Russia edges toward taking full control of Severodonetsk
Ukraine says ‘procrastination’ over its need for weapons ‘cannot be justified’ Ukrainian President Volodymyr Zelenskyy attends a joint statement with European Commission President Ursula, as Russia’s invasion of Ukraine continues, in Kyiv, Ukraine June 11, 2022. Valentyn Ogirenko | Reuters Ukraine’s patience over its lack of long-range weapons appears to be wearing thin with Ukrainian […]
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