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WATCH: Fed's Powell: Ultimate Interest Rates May Be Higher Than Previously Expected
Fed rate hikes will go higher, Elon Musk plans changes at Twitter and China is committed to Covid-Zero.
Federal Reserve Chair Jerome Powell left little doubt that he is prepared to push rates as high as needed to stamp out inflation. The Fed raised rates by 75 basis points for the fourth time in a row, lifting its benchmark to a 3.75%-4% range, from nearly zero in March. Interest rates will go higher than earlier projected, Powell said, but also signaled the path may soon involve smaller hikes. In the span of 90 minutes from when Powell started speaking to the US stock market close, the top 500 people on the Bloomberg Billionaires Index lost about $59 billion on their public holdings.