Fed set to raise interest rates to 22-year high after June pause

The Federal Reserve is widely expected to deliver another interest rate hike on Wednesday, resuming its campaign to jack up borrowing costs and crush inflation after a brief pause in June.

The projected quarter-percentage point hike would set the federal funds rate between 5.25% to 5.5%, further restricting economic activity as the borrowing costs for homes, cars and other items march higher.

It would mark the highest rate since 2001 and the 11th increase in nearly a year and a half.

But Wall Street is even more focused on Fed Chairman Jerome Powell's press...