With inflation showing little sign of easing from its 40-year highs, the US central bank has set itself on a hawkish course of tightening this year, sending shivers through world markets.
The Fed now has to walk a fine line between getting control of surging prices and making sure it does not knock the recovery in the world's top economy off course. The Fed is expected to announce a 50 percentage point lift Wednesday -- its biggest since 2000 -- but boss Jerome Powell's post-meeting news conference will be closely watched for an idea about future hikes.
The measures have offset supply concerns caused by the Ukraine war and bans on imports of Russian fuel, even as the European Union discusses following US and British embargoes.
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