While You Were Sleeping: 5 stories you might have missed, June 16

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Fed rolls out biggest rate hike since 1994

The Federal Reserve on Wednesday approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation that US central bank officials acknowledged may be eroding public trust in their power, and being driven by events seen increasingly out of their hands.

The widely expected move raised the target federal funds rate by three-quarters of a percentage point to a range of between 1.5 per cent and 1.75 per cent, still comparatively low by historic standards.

But the Fed’s hawkish commitment to controlling inflation has already touched off a broad tightening of credit conditions being felt in US housing and stock markets, and likely to slow demand throughout the economy – the Fed’s intent.

Officials also envision steady rate increases through the rest of this year, perhaps including additional 75-basis-point hikes, with a federal funds rate at 3.4 per cent at year’s end. That would be the highest level since January 2008 and enough, Fed projections show, to slow the economy markedly in coming months and lead to a rise in unemployment.

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US says getting arms to Ukraine 'as rapidly as possible'

US defence chiefs insisted on Wednesday the West was providing the weapons Ukraine asked for "as rapidly as humanly possible" and said longer-range systems could have an important impact.

The White House unveiled a fresh package of arms and ammunition for Ukraine worth US$1 billion (S$1.3 billion), including coastal anti-ship defence systems and ammunition for artillery and advanced rocket systems.

Speaking in Brussels after a meeting with allies backing Kyiv, top US general Mark Milley insisted that Ukraine had in some cases received more tanks and artillery than requested.

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Kremlin critic Navalny says moved to colony notorious for abuse

Jailed Kremlin critic Alexei Navalny said on Wednesday he had been transferred to a strict-regime penal colony described by his allies as "one of Russia's scariest prisons".

Last month, President Vladimir Putin's top foe, citing inmates, said Russian authorities had been preparing a "prison within a prison" for him.

Navalny had been serving two-and-a-half years at a jail in the town of Pokrov, 100km east of Moscow, for violating parole on old fraud charges in what his allies say is punishment for challenging the Kremlin.

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RIP Explorer: Microsoft's web browser retired

Internet Explorer, Microsoft's once dominant web browser that some users love to hate, was retired on Wednesday after 27 years on the world's computer screens.

The tech giant will no longer offer fixes or updates to the existing version of Explorer and users will be directed to its replacement, Microsoft Edge.

It was a moment marked with some genuine nostalgia - and plenty of jokes at the expense of what was many people's first gateway to the Internet.

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USGA boss can see LIV players having harder path to US Open

US Golf Association chief executive Mike Whan said on Wednesday he could forsee Saudi-backed LIV Golf players having a harder time getting into future US Opens, but nothing has been decided.

On the eve of the 122nd US Open at The Country Club in Brookline, where stars from both the US PGA Tour and upstart LIV Golf will compete, Whan said he was sad over the sport's split but wouldn't be drawn into possible future major bans.

"The question was could you envision a day where it would be harder for some folks doing different things to get into a US Open? I could," Whan said. "Do I know what that day looks like? No, I don't."

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