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August 11, 2022
NEW YORK — Stocks rallied to three-month highs on Wall Street Wednesday as investors welcomed a government report showing that inflation cooled more than expected last month.
The encouraging inflation update sparked speculation that the Federal Reserve may not have to remain as aggressive about hiking interest rates as feared. The central bank has been raising rates in an effort to slow the economy in the hopes of stamping out inflation, but that risks bringing on a recession if the Fed moves too aggressively.
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