Manchin prods Fed to ‘stop pussyfooting around,’ more firmly address inflation

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Fed Chair Jerome Powell, who repeatedly faced pressure from former President Donald Trump to cut interest rates during the previous administration, has sought to keep the U.S. central bank out of politics.

Financial markets are now betting the Fed will boost its benchmark rate seven times this year, with speculation mounting it will hike by half-a-percentage point in March. It would be the first such outsized hike since 2000.

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