The Federal Reserve is set to lift its benchmark rate by a quarter of a percentage point on Wednesday, marking a shift down to a more traditional pace of monetary tightening amid easing inflation.
At the end of its first two-day gathering of the year, the Federal Open Market Committee (FOMC) is expected to raise the federal funds rate to a new target range of between 4.5 per cent and 4.75 per cent, the highest level since September 2007.
A quarter-point increase would mark a departure from the unusually large half and three-quarter-point rate rises the Fed relied on repeatedly in 2022 as it wrestled with persistent price pressures.
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