The is widely expected to get tough on at its May meeting on Wednesday, after consumer prices surged for more than a year and the central bank was accused of dragging its feet.In a 2pm announcement that is the most anticipated monetary policy announcement in years, the Fed is expected to raise benchmark interest rates by half of a percentage point, taking the target rate to 1 percent. The central bank is also expected say it will begin the process of reducing its $9 trillion balance sheet, which ballooned during the pandemic as the Fed gobbled up bonds to pump money into the economy.
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