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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.
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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"
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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
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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.
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