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Inflation Report Keeps Fed On Track for Half-Point May Rate Increase
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Tuesday’s report showing inflation accelerating to its highest annual rate in four decades is likely to maintain Federal Reserve officials’ ambition to rapidly raise interest rates to a neutral level that doesn’t stimulate the economy.
Central bank officials have braced for a continued run of high inflation this spring due to renewed Covid-19 lockdowns in major Chinese cities and as energy and commodity prices are expected to stay high due to Russia’s invasion of Ukraine and the West’s financial sanctions against Moscow.
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