The Federal Reserve is set to raise its benchmark policy rate by 0.75 percentage points for the third time in a row on Wednesday as it looks to hit the brakes on the overheating US economy.
The Federal Open Market Committee is expected to lift the federal funds rate to a new target range of 3 per cent to 3.25 per cent following its two-day policy meeting, advancing its most aggressive monetary tightening campaign since the early 1980s.
Some economists have speculated the Fed will opt for a full percentage point rate rise, but the odds overwhelmingly favour a move of 0.75 percentage points.
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