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The US Federal Reserve has kicked off a series of interest rate hikes that's set to be the most aggressive since the mid-2000s, as chair Jerome Powell assured Americans that the economy won’t tip into recession.

After raising rates by a quarter point for the first time since 2018 and signalling six more increases this year, Powell said inflation is too high, the labour market is overheated and price stability is a “precondition” for the central bank as it tackles the hottest price pressures in 40 years...

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