Federal Reserve chair Jerome Powell

The Federal Reserve is expected to deliver a 25 basis-point interest-rate increase and signal a pause in its aggressive hiking campaign, amid persistent financial-market turmoil and renewed pressure from lawmakers to back off.

Fed watchers expect the US central bank will deliver its final rate hike for a while on today, with tighter lending conditions and signs of a slowing economy suggesting inflation will cool more meaningfully in the months ahead. The move would bring the federal funds rate to a range of 5% to 5.25%, the highest since 2007.

plunge in regional bank stocks following the collapse of First Republic Bank earlier this week has increased some bets that the Fed will pause this week, though policymakers have so far divorced interest-rate policy from their tools to shore up the banking sector.

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