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Fading confidence Fed can avoid recession, even among Fed officials, is hurting markets, analysts say
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Jerome Powell's words suggest the Fed is growing less certain it can avoid recession, triggering a sell-off that has sent S&P 500 into a bear market.
Powell says Fed will keep hiking interest rates until it curtails inflation
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Fed Chair Jerome Powell says officials will hike rates until it curbs inflation. He says Fed needs to see inflation slow in "clear and convincing way"
AP Top Stories May 12
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AP Top Stories May 12 P
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Here's the latest for Thursday, May 12: McCarthy subpoenaed by Jan. 6 panel; NATO conducts military exercises; Powell confirmed for second Federal Reserve chair term; First picture of the Milky Way's black hole
Inflation is at a 40-year high. The Fed announced these aggressive moves to fight it
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The Federal Reserve raised its key interest rate, which will set off a domino effect throughout the U.S. economy, from credit cards to mortgages.