Watch live: Federal Reserve Chair Jerome Powell expected to announce interest rate hike

The Federal Reserve is poised on Wednesday to raise interest rates for the sixth time this year. That increase will have a direct impact on consumers’ wallets, making it even more expensive for them to get a mortgage and pay off credit card debt.

The central bank is boosting rates to curb inflation, which hovers near a 40-year high. September’s consumer price index report showed that annual inflation fell slightly to 8.2% but rose by 0.4% on a monthly basis, exceeding economists’ expectations.

The Fed faces growing calls from lawmakers as well at the United Nations to stop hiking rates over concerns that it could ignite a painful recession. But it hasn’t signaled it will hit the pause button time any time soon, as it aims to bring inflation closer to its 2% target, even if it causes job losses.


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