Fed set for largest rate hike in decades ...Middle East

The Federal Reserve is expected to announce the biggest interest rate hike since 1994 on Wednesday after an alarming inflation report and a stock market meltdown upended the central bank’s plans.  The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting monetary policy, was on track to announce a 0.5 percentage point hike to its baseline interest rate range at the end of its two-day meeting Wednesday. It would have been the second 50 basis point hike issued by the FOMC in consecutive meetings as the bank struggles to get ahead of rising prices.   But Fed watchers now believe the FOMC will hike rates by 75 basis points for the first time in decades

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