Fed Prepares to Increase Interest Rates by Another 0.75 Percent

Wall Street Journal: The Federal Reserve appears to be on a path to raise interest rates by another 0.75 percentage point this month in the wake of Chairman Jerome Powell’s public pledge to reduce inflation even if it increases unemployment. Fed officials have done little to push back against market expectations of a third consecutive 0.75-point rate rise in recent public statements and interviews ahead of their Sept. 20-21 policy meeting (Wall Street Journal). CNBC: The Fed has increased interest rates four times this year for a total of 2.25 percentage points. Those hikes included two 0.75 percentage point moves in June and July, the most aggressive since the Fed began using its benchmark funds rate as its chief policy tool in the early 1990s (CNBC).