Federal Reserve Expected to Announce Fifth Interest Rate Hike Today

FOMC Meeting to Conclude with Statement, Projections

Decision Expected at 2 PM EST

The Federal Reserve is poised to announce its fifth interest rate hike of the year today at 2 pm EST. The Federal Open Market Committee (FOMC) is expected to raise its benchmark interest rate by a quarter percentage point, to a range of 1.5% to 1.75%.

The FOMC will also release its latest economic projections, including the so-called "dot plot" of individual members' interest rate forecasts. The dot plot is closely watched by investors and economists as a guide to the Fed's future policy intentions.

The Fed's decision comes as the U.S. economy continues to grow at a moderate pace. The unemployment rate is currently at 4%, its lowest level in decades. However, inflation has picked up in recent months, and the Fed is concerned that it may be moving above its 2% target.

The Fed's interest rate hike is expected to have a number of effects on the economy. It will likely lead to higher interest rates on loans and other forms of debt. This could slow down economic growth and reduce inflation. However, it could also make it more expensive for businesses to invest and create jobs.

The FOMC's decision will be closely watched by investors and economists. It could have a significant impact on the U.S. economy and on financial markets around the world.