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With the Federal Reserve expected to hike its key interest rate by three-quarters of a percentage point on Wednesday to battle high inflation, focus will shift to how deeply signs of an economic
By Howard Schneider WASHINGTON (Reuters) - With the Federal Reserve expected to hike its key interest rate by three-quarters of a percentage point on ...
Governor Jerome Powell is likely to increase rates by 75 bps in today's announcement, but the path ahead is blurred by contrasting data.
The move brings the target rate to between 2.25 percent and 2.50 percent, which is where it stood in the summer of 2019, its most recent high before the COVID-19 pandemic struck.
Inflation accelerated more than expected in June, and economists say it could be a "long, hard slog" before prices begin to normalize, despite strong action by the Federal Reserve.