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Federal Reserve Chair Jerome Powell assured Americans that policymakers will do what it takes to curb surging inflation, acknowledging this could cause “some pain” as the U.S. central bank deployed its most powerful policy tightening in decades.

The Fed on Wednesday raised interest rates by 50 basis points for the first time since 2000 and Powell said similar moves were on the table for June and July. Still, investors took heart that he also pushed back against a larger 75 basis-point increase, with stocks notching their largest rally on the day of a Fed meeting in a decade.

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