Egypt hikes interest rates by 600 basis points, pound crumbles to record low

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Egypt’s pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency.

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By nearly every barometer, inflation is still well above where most Americans, and in fact some Fed officials, feel comfortable.

The shortfall was more than 8% from the previous year and the third highest on record, the Treasury Department said...

Consumer spending held up in September, underscoring a resilient economy.

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