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A small plane taxis past construction at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. Officials at the airport were counting on the federal infrastructure money to replace an aging terminal with a modern structure. Four years ago, a new 14-gate terminal was projected to cost about $434 million and be open by 2026. By this spring, the cost had soared to $733 million. (AP Photo/Charlie Neibergall)

AP
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Passengers walk to the baggage claim area at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. Officials at the airport were counting on the federal infrastructure money to replace an aging terminal with a modern structure. Four years ago, a new 14-gate terminal was projected to cost about $434 million and be open by 2026. By this spring, the cost had soared to $733 million. (AP Photo/Charlie Neibergall)

AP
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Planes sit on the tarmac at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. Officials at the airport were counting on the federal infrastructure money to replace an aging terminal with a modern structure. Four years ago, a new 14-gate terminal was projected to cost about $434 million and be open by 2026. By this spring, the cost had soared to $733 million. (AP Photo/Charlie Neibergall)

AP
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Traffic flows past workers in a construction zone along Interstate 55 Thursday, June 9, 2022, in St. Louis. The Missouri Department of Transportation is doing a series improvement projects along Interstate 55 but inflation has pushed up the cost. (AP Photo/Jeff Roberson)

AP
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Traffic flows past workers in a construction zone along Interstate 55 Thursday, June 9, 2022, in St. Louis. The Missouri Department of Transportation is doing a series improvement projects along Interstate 55 but inflation has pushed up the cost. (AP Photo/Jeff Roberson)

AP
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Traffic flows through a construction zone along Interstate 55 Wednesday, June 8, 2022, in St. Louis. The Missouri Department of Transportation is doing a series improvement projects along Interstate 55 but inflation has pushed up the cost. (AP Photo/Jeff Roberson)

AP
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Wall Street closed out its most punishing week since the 2020 coronavirus crash with a meandering day of trading Friday that left it a bit higher. The S&P 500 rose 0.2%. That was nowhere near enough to make up for big earlier losses, and the index fell to its tenth drop in the last 11 weeks. Markets around the world have shuddered as investors adjust to the bitter medicine of higher interest rates that central banks are increasingly doling out. Higher rates can bring down inflation, but they also risk a recession by slowing the economy and push down on investment prices.

AP
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Asian shares have advanced after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming to fight inflation. Wall Street rallied after the Fed's hike, the biggest since 1994, as investors took heart from Chair Jerome Powell's comments suggesting future rate increases may be more modest. The Bank of Japan is holding a two-day policy meeting, starting Thursday. The Japanese central bank is under pressure to act given downward pressures on the yen from U.S. rate hikes and super-low rates in Japan. Investors have been selling yen and buying dollars in anticipation of higher yields from dollar-denominated holdings.

AP
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Asian stock markets are mixed ahead of the Federal Reserve’s announcement of how sharply it will raise interest rates to cool U.S. inflation. Shanghai and Hong Kong advanced after the Chinese government reported factory activity rebounded to positive territory in May as anti-virus controls that shut down Shanghai and other industrial centers eased. Tokyo and Sydney declined. Oil prices edged higher. Wall Street’s benchmark S&P 500 index lost 0.4% as traders waited for a Fed rate hike they expect to be three-quarters of a percentage point, or triple the usual margin. They worry aggressive action to cool inflation that is running at a four-decade high might tip the biggest global economy into recession.

AP
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Wall Street opened the week with heavy losses that put the benchmark S&P 500 at a level considered to be a so-called bear market. Rising interest rates, the war in Ukraine and China’s economic slowdown are leading investors to reconsider what they’re willing to pay for a wide range of stocks, from high-flying tech companies to industrial conglomerates. Big swings have become commonplace and Monday was no exception, with the S&P 500 falling 3.9%. It’s 21.8% below its record set early this year and so now is in a bear market. The Dow industrials sank 2.8% and the tech-heavy Nasdaq composite tumbled 4.7%.