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Good morning. Fed comments. Boris Johnson tries to leave partygate behind. Russia says it’s opening shipping corridors. At least one Chinese buyer really wants Russia’s crude. Here’s what markets are talking about.
Federal Reserve officials agreed at their gathering this month that they need to raise interest rates in half-point steps at their next two meetings, continuing an aggressive set of moves that would leave them with flexibility to shift gears later if needed. While highlighting the “strong commitment and determination” of all policy makers to restore price stability, the minutes of the May 3-4 meeting showed officials attentive to financial conditions as they prepare to raise rates further.