Fed set for another big rate hike

Fed officials have made it clear that fighting inflation is their top priority even if that means inflicting pain. The Fed holds its two-day policy meeting next week where it is expected to hike the benchmark borrowing rate on Wednesday by another three-quarters of a percentage point in its aggressive campaign to cool demand and ease price pressures. Despite a healthy job market with near-record low unemployment, workers are seeing their wage gains overwhelmed by sky-high consumer prices that rose by a new 40-year high of 9.1 percent in June. Slowing the economy is likely to cause more job losses, but policymakers want to avoid at all costs the greater pain of a price spiral that becomes entrenched or spins out of control. The European Central Bank that made its first move last week . . .