Global Stocks, Gold Fall on Fed's Surprise Move

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A tepid reading on inflation blunted the impact of the Federal Reserve's surprise move to raise the rate it charges banks for emergency loans. Although the Fed strove to allay fears that the dreaded draining of liquidity from the financial system is still months away, traders weren't buying it, interpreting the rate hike as the first step toward a broader tightening of credit. However, U.S. consumer prices barely budged in January, soothing some fears about inflation and further rate hikes.