Fed considers rate hike amid inflation before elections

The U.S. Federal Reserve report is linked to increased expectations of interest rate hikes due to rising inflation pressures and the strength of the American economy, on the eve of the U.S. midterm elections. The U.S. Purchasing Managers' Index reached its highest level since July 2021, along with rising oil and diesel prices, reflecting growing inflationary pressures. Federal Reserve Governor Michael Barr indicated that there is an urgent need for additional interest rate increases, with at least two more hikes anticipated before the end of the year, in order to control inflation that threatens price stability, amid concerns about the impact of rising interest rates on citizens’ ability to afford housing.

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