Fed Set To Raise Rates, Uncertainty Looms For Stock Market

A woman walks near the New York Stock Exchange on July 18, 2023 in New York City.Stocks closed slightly high today as U.S. central bank officials are signaling that the Federal Reserve will likely raise interest rates next week. (LEONARDO MUNOZ/VIEWPRESS VIA GETTY IMAGES)

The financial world is gearing up for the highly anticipated Federal Open Market Committee (FOMC) interest rate decision scheduled for Wednesday, July 26.

It’s almost a sure thing the Fed will raise interest rates by 0.25%, pushing the cost of money to 5.25%-5.5%, its highest level since February 2001.