Photo: Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on July 27, 2022. Photographer: Ting Shen/Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on July 27, 2022. Photographer: Ting Shen/Bloomberg

Federal Reserve Chair Jerome Powell vowed officials will crush inflation after they raise interest rates by 75 basis points (bps) for a third straight time. He signaled even more aggressive hikes ahead than investors had expected.

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