How much 'pain' is the Fed willing to inflict? Wednesday's rate hike will offer clues
CNN
The Federal Reserve is expected to raise interest rates by three-quarters of a percentage point for the third consecutive time in an aggressive move to tackle white-hot inflation.
Imposing another massive hike would mark the central bank's toughest policy move in its fight against inflation since the 1980s — another period of sky-high prices. It would also likely cause economic pain for millions of American businesses and households by pushing up the cost of borrowing for homes, cars and other loans.
The Fed's anticipated actions would increase the rate that banks charge each other for overnight borrowing to 3-3.25%, the highest since the 2008 global financial crisis.
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President Donald Trump announced Sunday that he has instructed Treasury Secretary Scott Bessent to halt the production of pennies, citing the high cost of producing one cent.
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