Special: Soaring prices, tanking markets and the political fallout

Jun. 17, 2022 AT 5:52 p.m. EDT

The Federal Reserve raised interest rates this week by three-quarters of a percent to fight inflation, the largest hike in 28 years. Fed chair Jerome Powell also indicated that a similar rise could come in July if the economy doesn’t improve. Stocks tumbled in response to the historic action and Wall Street fell into bear market territory amid increased concerns that a recession may be looming.

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