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Fed’s Powell backs quarter point March rate hike

Fed’s Powell backs quarter point March rate hike

Federal Reserve Chair Jerome Powell said on Wednesday the central bank is on track to start raising interest rates this month — likely by a quarter percentage point — in an effort to combat inflation, which is the highest it’s been in nearly 40 years.

Rate hikes could begin at the Federal Open Market Committee (FOMC) meeting scheduled for March 15-16.

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