Fed Expected To Raise Rates, Inflation Remains Top Priority

Traders work the floor of the New York Stock Exchange on July 25, 2023, in New York City. Wall Street stocks were mixed early July 25 following a round of generally positive earnings as markets looked ahead to a Federal Reserve interest rate decision. (ANGELA WEISS/GETTY IMAGES)

If the Federal Reserve raises rates Wednesday afternoon, it will bring the fed funds rate to its highest level in more than 20 years. Former Atlanta Fed president Dennis Lockhart says the Fed has to follow through with a rate hike following last month’s pause. 

U.S. Federal Reserve Chairman Jerome Powell speaks during a House Financial Services Committee hearing on June 21, 2023, in Washington, DC. (SHA HANTING/GETTY IMAGES)