US Fed set to raise interest rates for first time since 2018 amid soaring inflation

The Federal Reserve is expected to raise interest rates for the first time since 2018 as it struggles with soaring US inflation, the impact of the war in Ukraine, and the continuing coronavirus crisis.

The Fed has a dual mandate – to maximize employment and keep prices under control. The job market and the wider economy have made an impressive recovery from the lows of the pandemic, thanks in part to Fed rate cuts and a massive stimulus program, but prices have increased by 7.9% in the year through February – the...