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Fed expected to intensify inflation fight with 75-basis point rate hike
Central bank could approve first 75-basis point rate hike since 1994
By Megan Henney FOXBusiness
The Federal Reserve is expected to ratchet up its fight to tame scorching-hot inflation on Wednesday with the first 75-basis point rate hike in close to three decades, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans.
With inflation unexpectedly accelerating to a fresh 40-year high in May, the Fed is under mounting pressure to move more aggressively to cool demand and slow surging consumer prices.
Central bank policymakers raised the benchmark interest rate by a half-percentage point – double the typical size – in May, and laid out a roadmap for similarly sized increases at their meetings in June and July, assuming that data evolved as expected. But a string of alarming inflation reports in recent weeks could force the Fed to shift course.
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https://www.foxbusiness.com/economy/fed-expected-intensify-inflation-fight-75-basis-point-rate-hike