The Federal Reserve this week will fire the opening salvo in a series of interest rate hikes this year, hoping to get out in front of an expected pickup in inflation.

The first rate hike of the year is overwhelmingly predicted by futures markets, analysts and investors alike to come Wednesday at the conclusion of the Fed’s two-day policy meeting. It also will be the first under newly-installed Fed Chairman Jerome Powell.

The central bank is preparing to raise the key lending rate as economic conditions converge to put upward pressure on prices, including massive new tax cuts, a weaker dollar and even the threat of a trade war.

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