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US Fed's progress against inflation 'not assured': Powell
US Fed's progress against inflation 'not assured': Powell
Economy
by  AFP

The US Federal Reserve's progress in bringing down inflation is "not assured," the chair of the country's central bank told lawmakers in Washington Wednesday, on the first of two days of hearings in Congress. "But the economic outlook is uncertain, and ongoing progress toward our two percent inflation objective is not assured," he added.

Egypt secures $5 bn additional loan from IMF as pound plunges
Egypt secures $5 bn additional loan from IMF as pound plunges
Economy
by  AFP

Egypt secured an extra $5 billion in IMF loans on Wednesday, the two sides said, after the central bank hiked interest rates and allowed the pound to plunge by nearly 40 percent. The central bank described its move to hike interest rates Wednesday as an attempt to "accelerate the monetary tightening process in order to fast-track the disinflation path and ensure a decline in underlying inflation".