The US central bank opened its two-day policy meeting on Tuesday, preparing for another salvo in the war on rising inflation in the form of a big interest rate increase.
The policy-setting Federal Open Market Committee is expected to hike the benchmark borrowing rate on Wednesday by another three-quarters of a percentage point.
It would be the fourth rate hike this year, in the effort to stamp out inflation, after annual consumer prices soared 9.1 per cent in June.
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