Fed officials are expected to increase interest rates by three-quarters of a point on Wednesday afternoon.

Jerome Powell, Fed chairman, is likely to keep options open at the September meeting and be vague about what the central bank may do.

I think September is going to be a bit more hawkish," said one strategist.

Markets may be surprised by the Fed announcing even more unrelenting interest rate increases Wednesday.

It would appear the Fed is determined to raise interest rates to contain inflation to the extent it needs to.

During a 2:30 p.m. press briefing, Fed Chairman Jerome Powell will announce the rate hike.

It would put the fed funds rate in a range of 2.25% to 2.5% with a 75-basis point hike.

Fed funds were floating at zero to 0.25% when interest rates began to rise in March.

Investors will watch Powell's comments for clues as to what the Fed might do in September.

There was even talk of a full-point hike this month for a time, but Fed officials discouraged it.

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