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This means interest rates are likely to stay at higher levels for longer. AdvertisementMarkets are far too optimistic about the prospects of interest rate cuts — because inflation is still above the Federal Reserve's target, an asset manager told MarketWatch. AdvertisementLower interest rates boost demand for loans, spurring investment and spending, while higher rates have the opposite effect. The Fed slashed benchmark interest rates to boost the US economy amid the Great Recession until they hit the range of 0% to 0.25% at the end of 2008. Interest rates were once again slashed to near-zero in March 2020 when the economy was hit by the pandemic.
Persons: SEI's James Solloway, , James Solloway, Solloway Organizations: Service, SEI, Fed, Labor Locations: Pennsylvania
CNN —Nearly 3,000 people are dead, towns and villages are decimated and rescuers are trawling for survivors after a massive earthquake ripped through Morocco. The quake is the worst the country has suffered in decades and the full scale of its damage is yet to be understood. Friday’s disaster is the deadliest quake to hit Morocco in more than 60 years, according to EM-DAT, an international disaster database. In 1960, a 5.8 magnitude quake in Morocco with an epicenter in Adagir led to at least 12,000 deaths and 25,000 injuries. And in 1980, a 7.1 magnitude ground movement in Algeria followed by a tsunami caused more than 2,600 deaths and huge damage.
Persons: Fadel Senna, Ian, Paula Solloway Organizations: CNN, Getty Images, Kyodo, Getty, Authorities Locations: Morocco, Marrakech, Casablanca, North Africa, Adagir, Algeria, Medina district, Mosa’ab
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