The US central bank opened its two-day policy meeting on Tuesday (Jul 26), preparing for another salvo in the war on rising inflation. The Federal Reserve is expected to announce another big interest rate increase on Wednesday, the fourth this year, in the effort to tamp down price pressures that have been squeezing American families. The challenge for policymakers is to quell inflation before it becomes dangerously entrenched, but without sending the world’s largest economy into a recession that would reverberate around the globe.
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