Markets price in a 93% chance of a Fed rate hike as officials weigh solid economic growth against stubborn inflation and rising energy costs.
Oil prices mentioned as climbing back over $100 a barrel, contributing to sticky inflation.
Wall Street anticipates the Federal Reserve will raise interest rates by a quarter point today, marking the first increase in over three years. Economists cite persistent inflation and oil prices exceeding $100 a barrel as key drivers for the move, despite some debate over whether current supply-side shocks warrant further tightening.
The Fed is considering a hike to combat inflation that remains stubbornly above its 2% goal, supported by strong economic growth and a robust labor market.