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Silicon Valley Bank (SVB), which served tech start-ups, shut down after a rapid slide in deposits. Its clients were struggling to raise cash, thanks to a tech downturn, and had to withdraw deposits.
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A year ago the Federal Reserve launched its first attack against inflation. Subsequent months saw much larger hikes, reaching 4.5%, with inflation falling to 6.4%, down from 11% last summer.
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The US was the first major economy where inflation took root, as a wave of pandemic relief money from the government set off a boom in activity and spending.
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