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Fed's harsher tone spells uncertainty for markets and signals more volatility ahead

Jerome Powell, chairman of the U.S. Federal Reserve, arrives for a Senate Banking Committee hearing in Washington, D.C., on Thursday, July 15, 2021.
Al Drago | Bloomberg | Getty Images

The Federal Reserve surprised markets not with what it said but how it said it, and that may mean the path to tighter policy could be bumpy indeed for stocks.

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