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US Inflation Eases; Rescue Package for China Property Crisis
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year. Other data in the week like retail sales, new home construction and manufacturing came in softer than expected, adding to evidence that demand is cooling in the world’s largest economy. Stocks rallied to record highs. Over in the world’s No. 2 economy, Xi Jinping’s government announced its most forceful attempt yet to rescue the beleaguered Chinese property market. The housing crisis threatens to destroy ... (full story)