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The Federal Reserve has imposed its most aggressive series of rate hikes in 40 years. The Federal Reserve raise d its benchmark interest rate another 0.25% on Wednesday, reviving its i NFL ation fight despite a significant cooldown of price increases in recent months. The rate hike brought the Fed's benchmark interest rate to a 22-year high of between 5.25% and 5.5%. Inflation has fallen significantly from a peak last summer, but remains at a level one percentage point higher than the Federal Reserve's target of 2%. Speaking at a press conference in Washington, D.C., on Wednesday, Fed Chair Jerome Powell downplayed the progress achieved so far in reducing inflation. "Inflation has moderated somewhat since the middle of last year," Powell said. "Nonetheless, the process of getting inflation back down to 2% has a long way to go." The Fed remains open to raising rates again at its next meeting in September, depending on the economic data released over the m...

After spending more than two decades building a rigidly controlled political system, Russian President Vladimir Putin is silently watching increasingly raucous infighting that has emerged among top members of his entourage amid the war in Ukraine The video was shocking — not just for what it showed but also for what was said. Yevgeny Prigozhin, the outspoken millionaire head of the private military contractor Wagner, stood in front of the bloodied bodies of his slain troops in Ukraine and yelled expletive-riddled insults at Russian military leaders, blaming them for the carnage. “They came here as volunteers and they died to let you lounge in your red wood offices,” Prigozhin shouted. “You are sitting in your expensive clubs, your children are enjoying good living and filming videos on YouTube. Those who don’t give us ammunition will be eaten alive in hell!” It was a disquieting display for Russians used to more than two decades of rigidly controlled rule by President Vladimir Putin — ...