If there’s any indication that what happens next in China is a big deal for the U.S. economy, it’s that Federal Reserve officials mentioned the country’s Covid-related lockdowns eight times at their latest policy meeting on June 15.

Chair Jerome Powell and others warned of several “downside risks,” including “larger-than-expected effects on economic growth” from external factors such as Russia’s invasion of Ukraine, and more recently, Covid-related lockdowns in China.

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