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Good morning. Fed’s inflation fighting pledge, Asia looks to diversify from Russian oil, Johnson faces a local election backlash and the U.K. cuts Russia off from various services. Here’s what people are talking about.
Federal Reserve Chair Jerome Powell assured Americans that policy makers will do what it takes to curb surging inflation, acknowledging this could cause “some pain” as the U.S. central bank deployed its most powerful policy tightening in decades. The Fed on Wednesday raised interest rates by 50 basis points for the first time since 2000 and Powell signaled similar moves were on the table for June and July. Markets took heart from his push back against a larger 75 basis-point increase. The spotlight moves to the Bank of England, which is expected to raise rates to their highest level in 13 years.