US Federal Reserve opens policy meeting, rate hike likely amid soaring inflation

It would be the fourth rate hike this year, in the effort to stamp out inflation

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.

Also Read | Gold gains on softer dollar with focus on Fed meeting

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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