Another big interest rate hike is coming, as the Fed battles stubborn inflation

The Federal Open Market Committee (FOMC) is set to conclude its two-day meeting on interest rates on September 21. Markets are projecting that the central bank will raise its benchmark interest rate by 0.75 percentage points, following similarly large rate hikes in June and July. The central bank has already raised its benchmark rate four times this year from near zero to about 2.375. By making it more expensive to buy a car, a credit card or get a mortgage, the Fed hopes to tamp down consumer demand, which has been outstripping supply and supply. The annual inflation rate in August was 8.3% — down only slightly from the month before. While the price of gasoline has dropped sharply from its record high in June, . . .