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David
Fed Chairman Jerome Powell
The US Federal Open Market Committee (FOMC) has announced in a media release a one-half percentage point increase in interest rates intended to offset 'upward pressure on inflation' due to the Russian invasion of Ukraine, supply-chain disruptions related to COVID lockdowns in China and other factors.
The Dow Jones Industrial Average fell more than 1000 points on the news.
Next up: Labor Department's monthly employment report for April 2022.
Stay tuned.
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