Fed Official Calls for Additional Significant Rate Rises

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A Federal Reserve official said the central bank would need to raise interest rates aggressively this year in order to combat inflation.Fed governor Michelle Bowman said she strongly supported the Fed’s 0.75-percentage-point rate increase last week and that she would favor raising the central bank’s benchmark rate by another 0.75 point, or 75 basis points, at the central bank’s next meeting, July 26-27.

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