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High inflation in sight, Fed to signal more interest rate hikes ahead
WASHINGTON - Last month, when Federal Reserve Chair Jerome Powell spoke at an economic conference in Jackson Hole, Wyoming, he issued a blunt warning: The Fed’s drive to curb inflation by aggressively raising interest rates, he said, would "bring some pain" for Americans.When the Fed ends its latest meeting Wednesday and Powell holds a news conference, Americans will likely get a better idea of how much pain could be in store.The central bank is expected to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time. Another hike that large would boost its benchmark rate — which affects many consumer and business loans — to a range of 3% to 3.25%, the highest level in 14 years.FILE - A for sale sign is posted in front of a home in Miami, Florida.