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May 5, 2022

Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing, March 3, 2022 on Capitol Hill in Washington. The Federal Reserve is poised this week to begin unleashing its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans' financial strains and likely weaken the economy. The Fed is expected to announce Wednesday, May 3, 2022 that it will begin quickly shrinking its vast stockpile of Treasury and mortgage bonds beginning in June — a move that will have the effect of further tightening credit. (Tom Williams, Pool via AP, File)