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U.S. Federal Reserve continues its assault on inflation

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The Central Bank ushers in its sixth increase this year

In an effort to lower runaway inflation, the U.S. Federal Reserve hiked interest rates by three-quarters of a percentage point.

This is the sixth increase this year — with the fed indicating that more raises are on the way.

The U.S. central bank’s move also boosted its key short-term rate to a range of 3.75% to 4%, marking its highest level in 15 years.

Acknowledging that the economic stress of their action over the past several months, Federal Reserve officials also urged patience, warning that interest rate hikes take time to work.

Fed chairman Jerome Powell said it would be “very premature” to think about having a pause in rate increases.

Additionally, Powell noted he does expect rates to peak at a more substantial level than policymakers had originally predicted back in September.

As inflations looms over the all-important midterm elections next week, Powell said that rates would “have to go higher and stay higher for a while.”

His new statement could make achieving his so called “soft landing” harder as its heightening the risk of a recession.

Veronica Dudo is the U.S. Correspondent for Ticker News covering America’s biggest headlines. As an Emmy® Award nominated global journalist, Veronica has traveled across the country and around the world reporting on historical events that connect all citizens. Lauded as an award-winning international journalist, Veronica has executed stellar news coverage for NBC News, CBS News, The Hill, ME-TV Network and AOL. Her stories have highlighted a plethora of topics ranging from breaking news and politics to economic affairs across the USA, European Union, and Asia; cultural affairs; globalization; governance; education; and sustainability.

Tech

Porn floods Twitter “China” search

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Twitter users have been finding it hard to search for information on the social media platform due to an explosion of pornographic spam.

While thousands of protests against extended lockdowns, a digital bot army has roared into action on Twitter, with long-dormant Chinese language accounts suddenly tweeting links to escort services and other adult content.

Anyone trying to track the spontaneous protest movement on Twitter complained about the deluge of spam pornographic content making flooding the search for information.

The China protests come at a time when Twitter’s content and moderation teams have been pared back drastically following Elon Musk’s $44 billion takeover of the social media giant.

Twitter, along with other international social media services like Facebook, Snapchat and Instagram, is blocked by Beijing’s internet censors within Mainland China.

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World

Biden silence on China protests

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As citizens across China revolt against the country’s “zero Covid” policy, the White House issued a statement about the growing protests.

“‘We’ve long said everyone has the right to peacefully protest, in the United States and around the world,’ a White House National Security Council spokesperson said in a statement.

‘This includes in the [People’s Republic of China.]’

“‘Zero COVID is not a policy we are pursuing here,’ the spokesperson said.

‘And as we’ve said, we think it’s going to be very difficult for the People’s Republic of China to be able to contain this virus through their zero COVID strategy.’”

Commentators have noted that the statement came from the White House, and not President Biden himself.

Demonstrators are calling on President Joe Biden to take a stance and publicly support their cause.

The protests have continued despite numerous attempts by the Chinese government to quell them.

 

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Business

China protests hit global markets, crypto

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Investor watches markets

The protests in China are having a negative impact on cryptocurrencies and markets around the world.

Bitcoin failed to break its descent and fell more than 3 percent.

The global crypto market cap fell over 2%, sending major cryptos into the red.

Over the last 24 hours, overall crypto market volume grew by 22%.

It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.

Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.

China is the world’s second-largest economy and has a significant impact on global financial markets.

Stocks and cryptos aren’t considered safe havens, leading to bearing price action.

Analysts are hoping for a sharp bullish reversal if and when the protests end.

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