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Global markets slid after the Federal Reserve held rates steady and warned of persistent inflation, while an Iranian missile strike caused "extensive damage" to Qatar's Ras Laffan LNG hub, heightening fears of a fresh energy shock.
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Jerome H. Powell, the chair of the Federal Reserve, emphasized the high degree of uncertainty stemming from the conflict as he acknowledged the potential for surging energy prices to lift inflation and dent growth.
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Oil prices have surged in recent weeks, threatening wider inflation.
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The Federal Reserve is expected to hold the benchmark interest rate steady today amid economic uncertainty. And, Sen. Mullin faces a confirmation hearing to lead the Department of Homeland Security.
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Jerome H. Powell, who leads the central bank, also said he would not leave the Fed until a criminal investigation into his handling of renovations was over.
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The Federal Reserve held its benchmark interest rate steady today. The central bank is wrestling with a lot of uncertainty with a weak job market and stubborn inflation.
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