in a battle that will be painful for American families and businesses.
Modest signs of slowing in the world's largest economy and easing price pressures had spurred hope in financial markets that the central bank might ease up on its aggressive interest rate hikes, and perhaps even start to reverse course next year. Keith Buchanan at Globalt Investments said,"This wasn't a shocking speech by any stretch of imagination."
Frankfurt and Paris stocks retreated amid fears of a eurozone energy crunch in the coming peak-demand winter as Russia curbs supplies.
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