The Federal Reserve is expected to order another big boost in interest rates Wednesday, as questions bubble up about how much higher borrowing costs will have to go before stubborn inflation starts to come down.
The central bank has already raised its benchmark interest rate by 3 percentage points since March, and it’s expected to tack on another 3/4 of a point at this week’s meeting. That’s the most aggressive string of rate hikes in decades, but so far it’s done little to bring prices under control.
“Interest rates have risen at a whiplash-inducing speed, and we’re not done yet,” said Greg McBride, chief financial analyst at Bankrate. “It’s going to take some time for inflation to come down from these lofty levels, even once we do start to see some improvement.”
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