NEW: Consumer prices rose 4.9% last month compared to a year ago, extending a monthslong slowdown and bolstering hopes that inflation will continue its return back to normal levels.
at the outset of this year, suggesting the rate hikes have helped put the brakes on business activity.
Instead, the U.S. added 253,000 jobs in April, marking a slight decline from an average of 290,000 over the previous six months. The unemployment rate fell to 3.4%, matching a 54-year low, government data showed. As the Fed aggressively hiked interest rates over the past year, the value of long-term Treasury and mortgage bonds dropped, punching a hole in the balance sheets at some banks.
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