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Draghi Meeting President As Italian Government Faces Collapse

General view of upper house of parliament ahead of a confidence vote for the government, in Rome, Italy, July 14, 2022.
Italian Prime Minister Mario Draghi's coalition government appeared on the brink of collapse on Thursday after the 5-Star Movement, one of its members, failed to support a parliamentary confidence vote including measures to offset the cost of living crisis.
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U.S. Federal Reserve Board Chair Jerome Powell speaks during his re-nominations hearing of the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington, U.S., January 11, 2022. Brendan Smialowski/Pool via REUTERS

Fed Seen Jacking Interest Rates Further As U.S. Inflation Soars

Investors boosted bets on Wednesday the U.S. Federal Reserve could deliver an even bigger interest-rate hike at its policy meeting later this month after a worse-than-expected inflation report showed price pressures, already running at a 40-year high, accelerating further.

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