The Federal Reserve is expected to announce Wednesday another aggressive interest rate increase as the central bank presses its attack on inflation despite rising risks of triggering a recession.
Most analysts expect a hefty increase of three-quarters of a percentage point in the Fed's benchmark rate, which would be the second such move in two months aimed at further cooling the economy to help reduce pricing pressures.
The Fed's effort to steer between a rock and a hard place is turning up the political heat, especially for Democrats, because voters in the upcoming congressional elections are not going to like either a continued rise in prices or a downturn that would cost jobs and other unwelcome consequences.
