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Today, the Federal Reserve faced its toughest decision perhaps in decades. In the last couple of weeks, an intense banking crisis complicated an already dicey fight against inflation.
The Fed considered these banking conditions, the unquestionably hot economy (pre-financial complications), and the surrounding uncertainty as it decided on a “dovish hike:” a 25 basis point increase, far more conservative than the previous eight hikes. With this decision, the Fed made it clear that cooling inflation was still the number one priority, although it signaled that rate hikes may be soon coming to an end.
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