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Inflation

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Technology companies led a broad sell-off on Wall Street Tuesday as bond yields surged amid renewed jitters that the Federal Reserve will act more aggressively than expected to tackle rising inflation.

NEW YORK (AP) — In just two weeks, the cost of pecans for the pies at Peggy Jean’s Pies in Columbia, Missouri, has surged nearly 40%, perplexing co-owner Rebecca Miller and adding to the cost of doing business. Miller will soon have to bump up the price of her Southern Pecan, Chocolate Bourbon Pecan, and German Chocolate pies by $2 to $24.

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WASHINGTON (AP) — President Joe Biden on Friday announced the nominations of three people for the Federal Reserve's Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the Fed's board.

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CHARLESTON, W.Va. (AP) — For the first time in half a year, families on Friday are going without a monthly deposit from the child tax credit — a program that was intended to be part of President Joe Biden's legacy but has emerged instead as a flash point over who is worthy of government support.

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NEW YORK (AP) — Americans overlooked shortages, spiking prices and uncertainty over the omicron variant to break spending records during the critical holiday shopping season. But figures released Friday show that after spending robustly early in the holiday season, consumers sharply slowed their purchases from November to December.

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WASHINGTON (AP) — President Joe Biden will nominate three people for the Federal Reserve's Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the Fed's board.

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WASHINGTON (AP) — Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy.

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