Chairman of the Federal Reserve Jerome Powell (left) meets with President Joe Biden in the Oval Office on May 31, 2022.
Saul Loeb | AFP | Getty Images
The Federal Reserve is again poised to raise interest rates in an attempt to slow down the highest inflation in four decades without pushing the U.S. economy into a recession.
The central bank was expected to hike its benchmark rate at each meeting this year, likely by a half-point. But, after May’s worse-than-expected consumer price index report, some analysts are now projecting a 75 basis point increase from the Fed on Wednesday.
As rates rise, there are some key money moves financial experts recommend consumers make to put themselves in a…