WASHINGTON: US central bankers opened their two-day policy meeting on Tuesday with another steep interest rate hike seen as a near certainty amid stubbornly high inflation.
Fed officials have been united in the message that the US central bank cannot risk letting inflation take hold due to the damaging impact on workers and businesses, but analysts warn that the risks of recession are rising. The Fed's policy-setting Federal Open Market Committee is scheduled to announce its decision at 1600 GMT Wednesday.
It is not just current high inflation that concerns policymakers, but the fear that consumers and businesses begin to expect rising prices will become a permanent feature, which could set off a dangerous spiral and a phenomenon called stagflation.
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