I'd be surprised if they raised rates at this point given the collateral impacts it would have.
@keekers The article below is on Jerome Powell and his admiration of Paul Volker the last Fed Chief that had to fight inflation. Paul Volker raised rates much higher than Fed Chief Jerome Powell has.
I below is screen shot of a CD that I took out back when Paul Volker was fighting inflation. The time frame is in the early nineteen eighties. This proves I am not exactly young at this point in time. Notice the rate of interest I received.
@AndySoCalThe inflation rate in 1980 was over twice that of the latest inflation peak in 2021 (~15% vs. ~7%) so that isn't surprising. I feel like the inflationary environment that existed in 1980-82ish was worse than where we are now. When he increased the rates north of 20% it caused huge impacts to industries like construction and farming, there was a recession, and the unemployment rate rose to over 10%. I'm not criticizing those actions at the time; I'm merely suggesting that the current economic climate doesn't require similar action, particularly given that inflation has cooled over the last year or so. I do recognize, however, that it has somewhat stagnated though.
It just keeps on raining?
Note, I do remember back when residential housing loans ran 10% to 18% in the late 1970s. Along with that was very high inflation as has already been pointed out by another poster.
For myself I caught a VA Home Loan at 7.75% fixed for 30 years (1976) and it was one of those 'ooh and aw' moments.
It was not a good time then?
We will know this afternoon the outcome of the Fed meeting.