WASHINGTON, D.C.: The Federal Reserve (Fed) on Wednesday (Thursday in Manila) will launch one of the most difficult tasks that a central bank can attempt: Raise borrowing costs enough to slow growth and tame high inflation, but not so much as to topple the economy into recession.

With a war raging in Europe and price increases at a four-decade high, Fed Chairman Jerome Powell will seek to engineer a 'soft landing': a gradual slowdown in economic activity that helps curb surging prices while keeping the job market and economy expanding.