Federal Reserve Expected to Hike Interest Rates Today Amid Persistent Inflation

Economists widely anticipate the Federal Reserve will raise interest rates today, marking the first increase since July 2023. This expectation follows recent economic data indicating a strong labor market and consumer prices remaining above the Fed's 2% annual target, with traders pricing in a 95% chance of a quarter-point hike. The FOMC announcement is scheduled for 2 p.m. ET.