Fed set to impose another big rate hike to fight inflation


WASHINGTON (AP) — With inflation at a four-decade high, the job market strong and consumers still spending, the Federal Reserve is under pressure to continue raising interest rates aggressively.

When it ends its latest policy meeting Wednesday afternoon, the Fed is expected to impose a second consecutive three-quarter-point hike in its benchmark interest rate, raising it to a range of 2.25% to 2.5%. It will be the Fed's fourth rate hike since March. Since then, the central bank has tightened credit ever more aggressively.

A news conference that Chair Jerome Powell will hold Wednesday —...

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