Federal Reserve to decide today on 10th interest rate hike

Poised to raise interest rates Wednesday for a 10th time, Federal Reserve officials are facing two competing economic trends that could make their future rate decisions more difficult and treacherous. On the one hand, turmoil in the banking sector and political battles over the government’s borrowing limit could weaken the economy if banks restrict lending and financial markets tumble on fears of a default on the nation’s debt. Such anxieties would argue against further rate hikes, at least for now. On the other hand, inflation, while slowing, is persisting at...