Wall Street will watch closely on Wednesday as the Federal Reserve is expected to escalate its fight against inflation with a dramatic interest rate hike.
that the central bank must act "forthrightly, strongly" to dial back inflation.
The rate hikes have yielded mixed results, however. On an annual basis, consumer prices have moderated slightly but remain highly elevated. Some prices have already fallen significantly, though. Gas prices dropped 10.6% in August, the bureau said.
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