Federal Reserve officials are expected to leave interest rates unchanged on Wednesday, following the 25-basis-point increase decided in September. Chair Kevin Warsh may nevertheless signal that recent inflation data point to further rate hikes over time, with the consumer price index reaching 3.7% in September and core inflation standing at 2.6%. The labor market remains resilient, but the housing market is struggling with mortgage rates above 7%, complicating the calibration of a more restrictive monetary policy. Fed funds futures imply about a 10% chance of a hike this week and more than 80% in December, while economists debate the effects of tightening on housing, consumer loans and economic disparities.
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