Fed poised to attack inflation with another interest rate hike

Fed poised to attack inflation with another interest rate hike

 

 

The Federal Reserve is set to announce another big interest rate increase on Wednesday (Jul 27), the fourth this year, in its ongoing battle to tamp down price pressures that have been squeezing American families.
 
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US central bankers are hoping that their aggressive stance will start to cool red-hot inflation that topped 9 per cent in June, the highest in more than 40 years, without derailing the world's largest economy.
 
President Joe Biden is paying the political cost for surging prices, which he blames mostly on Russia's war in Ukraine, which has sent global food and energy prices soaring.
 
Biden insists the American economy will avoid a recession, but even as his approval ratings have cratered, he has supported the Fed in its battle to quell inflation.
 
Fed Chair Jerome Powell and others have made it clear they are willing to risk a downturn and will keep raising interest rates until they see clear evidence inflation is moving back towards the 2 per cent goal.
 
The policy-setting Federal Open Market Committee is widely expected to announce another three-quarter-point increase in the benchmark borrowing rate at the conclusion of its two-day policy meeting at 6pm GMT (2am Singapore time).
 
From zero at the start of the year, the Fed has raised the policy lending rate to a range of 1.5 to 1.75 per cent, which has pushed mortgage rates higher and slowed housing sales for five straight months.
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