Warsh's Fed Faces Pressure to Deliver Inflation-Fighting Hike

The Federal Reserve's FOMC meeting is approaching on September 15 and 16, with a decision expected on Wednesday afternoon under Chair Kevin Warsh.

Markets are pricing in a high probability of a quarter-point increase, which would take the federal funds rate to a range of 3.75% to 4.00%, marking the first hike of this cycle.

The driving force behind the shift in expectations is energy prices, although inflation remains a concern for the Fed.