Federal Reserve officials are under pressure to prove they are serious about stamping out elevated inflation by backing up their hawkish rhetoric with a new set of interest rate projections set to be published this week.
Following its two-day policy meeting, the Federal Open Market Committee is on Wednesday expected to raise interest rates by at least 0.75 percentage points for the third time in a row as it tries to hit the brakes on the overheating US economy.
The decision, which would lift the federal funds rate to a new target range of 3 per cent to 3.25 per cent at a minimum, will be accompanied by a fresh “dot plot” that compiles officials’ forecasts for interest rates until the end of 2025.
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