The Federal Reserve is expected to announce an interest rate hike at its November meeting.
Looming over the Federal Reserve meeting that ends Wednesday is a question of intense interest: Just how high will the Fed's inflation-fighters raise interest rates - and might they slow their rate hikes as soon as next month?
So far this year, the Fed has raised its key rate five times in an aggressive pace that has sent borrowing rates surging across the economy and heightened the risk of a recession. The home market, in particular, has been badly bruised as a consequence. The average rate on a 30-year fixed mortgage, just 3.14% a year ago, surpassed 7% last week, mortgage buyer Freddie Mac reported. Sales of existing homes have dropped for eight straight months.
A ratio that high means that employers will likely continue to raise pay to attract and keep workers. Those higher labor costs are often passed on to customers in the form of higher prices, thereby fueling more inflation.
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Federal Reserve Chair Jerome Powell likely to be pressed on whether Fed will slow rate hikesLooming over the Federal Reserve meeting that ends Wednesday is a question of intense interest: Just how high will the Fed's inflation-fighters raise interest rates?
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