Federal Reserve likely to consider raising interest rates as inflation skyrockets

WASHINGTON, D.C. (NBC) – The Federal Reserve is likely to indicate Wednesday that interest rates will rise.

A two-day meeting of the central bank wraps up later Wednesdsay and CNBC is reporting that the Fed will likely issue a new statement that shows it is resolved to fight inflation. That means the bank will indicate the fed funds rate will go up from zero and the hike could happen as early as March.

The central bank is ready to make the move now that it appears to be in the middle of its first major fight with inflation in decades.

Consumer prices jumped 7% in December the steepest increase since 1982.

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