US Fed likely to lift rates to 22-year high

WASHINGTON, D.C.: The US Federal Reserve (Fed) is poised to announce a fresh quarter percentage-point hike to its benchmark lending rate on Wednesday, US time, to tackle inflation, while keeping the option open for more such moves in the coming months.

The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more time to assess the health of the world's largest economy.