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May 4, 2022

A look at the Fed’s long road ahead

The Fed announced another interest rate hike today — larger than the one in March — but reining in inflation is no easy feat. Plus: Companies in Shanghai struggle to get back to business.

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US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. - The Federal Reserve on Wednesday raised the benchmark lending rate by a half percentage point in its ongoing effort to contain the highest inflation in four decades.
US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. - The Federal Reserve on Wednesday raised the benchmark lending rate by a half percentage point in its ongoing effort to contain the highest inflation in four decades.
Jim Watson/AFP via Getty Images

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