Fed to Decide on Interest Rate Hike Amid High Inflation Fears

The Federal Reserve will conclude its two-day meeting on Wednesday and may raise its benchmark interest rate to combat high inflation.

The central bank has been monitoring inflation, which has remained above its target rate of 2% throughout the year.

Higher oil prices have contributed to higher gasoline costs, affecting household budgets directly at the pump and indirectly through more expensive shipping.

The Fed's decision on interest rates is expected to impact borrowing costs and economic growth, which could cool inflation or worsen it depending on the outcome.