News Snapshot:
What We’re Watching: Fed ups rates, zero-COVID shenanigans in China, Pakistan’s energy crunch, Russian Davos June 15, 2022Carlos Santamaria,Gabrielle DebinskiandAlex KlimentChair Jerome Powell faces reporters after the Fed's meeting in Washington, DC. REUTERS/Elizabeth Frantz Central banks unite vs. inflationOn Wednesday, the US Federal Reserve raised interest rates by 75 basis points — the biggest hike since 1994 — as it scrambles to contain runaway inflation. What's more, new projections show that the Fed plans to hike rates by an additional 1.75 percentage points until the end of the year — the most aggressive pace since Paul Volcker engineered a recession...
