US Fed Set to Raise Interest Rates to Highest Level in 22 Years

The US Federal Reserve is expected to raise interest rates again on Wednesday, marking its 11th hike in just over a year and bringing the federal funds rate to its highest level since 2001. Despite recent signs of slowing inflation, positive economic growth and cooler inflation data have reinforced the likelihood of a quarter percentage-point hike. While a July rate hike is widely expected, there are questions about how much further the Fed will need to go this year to bring inflation back down to its long-term target of two percent. Some economists predict another rate hike in September, while others think rates could be held steady.