Jackson Hole: Powell stands firm on rate rises

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Federal Reserve chair Jay Powell reiterate his resolve to raise interest rates in order to curb inflation, during his address at the annual Jackson Hole central banking summit. The Fed is fighting the most vigorous surge of consumer price increases in about four decades. US biotech company Moderna said it is suing Pfizer and its German partner BioNTech for patent infringement linked to the development of the first Covid-19 vaccines. It's alleging that mRNA technology it developed before the pandemic was copied. Pfizer said it was "surprised" by the action and would "vigorously defend" itself against the allegations. Warner Brothers Discovery has shelved the nearly completed Batgirl movie in a series of cancellations and major changes involving high-profile DC projects. (Jerome Powell said the Fed will continue to raise interest rates. Credit: Reuters)