Last week, the Fed held its benchmark interest rate steady at level between 5% and 5.25%, but officials projected rates will have to increase another half percentage point by year's end to tame inflation.
"It's clear that the FOMC wants the market to understand that a hike will be on the table for debate at the next meeting. The Fed's data-dependent approach in this tightening cycle suggests upcoming data releases could shift expectations."on Wednesday the Fed should not raise rates further or it would risk "needlessly" sapping the strength of the U.S. economy.
Economists polled by Reuters last week were unanimous that the BoE would raise rates to 4.75%, their highest since 2008, from 4.5% but the inflation data pushed financial markets to price in a nearly 50% chance that the BoE would opt for a bigger move and raise rates by half a percentage point. Sterling was last at $1.2769, up 0.01% on the day, hovering close to a one-year high of $1.2849 hit last week.
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