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Charting the Global Economy: Inflation Hits a Record in Europe

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Fed Beige Book Shows Growth Slowing in Some Areas

Record inflation in the euro zone is seen fueling the European Central Bank’s tightening debate at this coming week’s policy meeting, where officials are expected to end asset purchases and lay the ground for an interest-rate liftoff next month.

In the US, employment growth remained solid in May and suggested the economy is holding firm as the Federal Reserve hikes interest rates. Ukraine, Canada and Kenya were among central banks that raised borrowing costs to combat soaring inflation.