What's Next for the Fed After the 'Great Last Hike' Event?

The Federal Reserve is expected to raise its benchmark overnight interest rate to its highest level in nearly 16 years, marking the second straight meeting convened in the aftermath of a major U.S. bank failure. The U.S. central bank may signal that this week's rate increase is the last, at least for now, to allow time to see how the economy adjusts to higher borrowing costs and tougher banking conditions, and whether inflation falls. The anticipated quarter-percentage-point increase on Wednesday will put the target federal funds rate at roughly the same spot, between 5% and 5.25%.