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Federal Reserve officials are showing scant support for what would be the most drastic single policy tightening in almost three decades, though they’re on board with a series of still-large moves aimed at curbing an inflation spiral.

Chair Jerome Powell and other officials haven’t backed a suggestion by their St. Louis Fed colleague James Bullard to consider the first 75 basis point (bps) hike since 1994. But their remarks—which endorsed a 50 bps increase next month and at least one more such move to curb surging prices—were sufficiently hawkish to send U.S. stocks reeling.

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