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Inflation

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BUDAPEST, Hungary (AP) — From appliance stores in the United States to food markets in Hungary and gas stations in Poland, rising consumer prices fueled by high energy costs and supply chain disruptions are putting a pinch on households and businesses worldwide.

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NEW YORK (AP) — Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. Investors were uncertain whether the variant could potentially reverse months of progress at getting the COVID-19 pandemic under control.

MADRID (AP) — Trade unions representing metalworkers in the southern Spanish province of Cadiz called off a nine-day strike and workers began returning to their jobs Thursday after reaching a pay agreement with employers covering the next three years.

WARSAW, Poland (AP) — Poland’s Prime Minister Mateusz Morawiecki said Thursday that starting in December the government will cut tax on fuels and on energy and will offer bonuses to hardest hit households next year to counter inflation that has reached its highest level since 2001.

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WASHINGTON (AP) — Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.

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WASHINGTON (AP) — The U.S. economy slowed to a modest annual rate of 2.1% in the July-September quarter according to the government’s second read of the data, slightly better than its first estimate. But economists are predicting a solid rebound in the current quarter as long as rising inflation and a recent uptick in COVID cases do not derail activity.

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ANKARA, Turkey (AP) — The Turkish currency weakened by some 10% against the U.S. dollar Tuesday, a day after President Recep Tayyip Erdogan insisted there would be no turning back from his unconventional policy of cutting interest rates despite high inflation.

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WASHINGTON (AP) — Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession. So far, his bet has mostly paid off.

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WASHINGTON (AP) — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and revitalize the job market.

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WASHINGTON (AP) — Workers and families with private health insurance would reap savings on prescription drugs from a little-noticed provision in President Joe Biden's sweeping social agenda bill. It's meant to break the cycle of annual price increases for widely used medicines.

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Wall Street closed out a week of choppy trading with stocks mostly lower Friday, though gains for several tech companies pushed the Nasdaq composite to another record high and its first close over 16,000 points.

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