The Federal Reserve began their meeting today, and another rate hike of 25 basis points is anticipated. This would be the eleventh rate hike in almost 18 months, bringing the Fed's benchmark rate to between 5.25% and 5.5%. That range would mark a 22-year high for the United States.
The hike would come just as recent data from S&P Global Flash US Composite PMI showed the U.S. economy growing at a slower rate in the third quarter relative to the April-June period. Gross domestic product (GDP) grew 2% year-over-year in the second quarter, compared to 1.5% at the start of the third quarter.
