Fed to signal rate hike as it launches risky inflation fight

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — With inflation punishing consumers and threatening the economy, the Federal Reserve will likely signal its intent this week to begin raising interest rates in March for the first time in three years. The Fed’s challenges will get only harder from there. Among Fed officials, there is broad support for a rate increase — one that would come much sooner than the officials had expected just a few months ago. But after that, their policymaking will become more complicated and could sow internal divisions, especially as a number of new officials join the Fed. How many times, for example, should the Fed raise rates this year?