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Biden announces US will donate another 500m vaccine doses at Covid summit – live


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Biden announces US will donate another 500m...



  • US to donate 500m Pfizer doses to low- and lower-middle-income countries
  • Doses are in addition to the over 600m the US has committed to sending
  • House Democrats pass spending bill in party-line vote of 220 to 211
  • McConnell pledges to oppose any effort to raise the debt ceiling
  • Sign up to receive First Thing – our daily briefing by email

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Updated

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  • US to donate 500m Pfizer doses to low- and lower-middle-income countries
  • Doses are in addition to the over 600m the US has committed to sending
  • House Democrats pass spending bill in party-line vote of 220 to 211
  • McConnell pledges to oppose any effort to raise the debt ceiling
  • Sign up to receive First Thing – our daily briefing by email

The latest Fed statement also showed that more members of the Fed committee now believe that interest rates should rise in the near future. Nine of the 18 officials expect to raise interest rates by the end of 2022, up from seven officials in June when a majority said they thought rates would rise in 2023.

US stock markets reacted favorably to the news, which suggests the economy is still recovering from the pandemic, albeit with uncertainties remaining. Investors have been spooked in recent days by news that troubled Chinese property developer Evergrande could default on its $300bn debts. The company’s woes could drag in investors worldwide, but on Tuesday the company said it would be able to meet some of its obligations.

The Federal Reserve signaled on Wednesday that it may start cutting its enormous pandemic stimulus programs as soon as November and could raise interest rates next year.

The US central bank left interest rates unchanged at near zero after its latest meeting. Rates were cut in March 2020 as the US economy reeled from the impact of the pandemic. But the Fed also indicated it may soon start pulling back on the $120bn in monthly asset purchases program that it started when the coronavirus hit the US.

Related: Federal Reserve hints it will end pandemic stimulus programs

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