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The rate hikes are the sharpest since the last time the Fed, under Paul Volcker's leadership, battled super-high inflation in the 1980s. But the projections do show Americans are in for some pain ahead as the Fed works to end inflation and prevent what Powell says would otherwise be even worse outcomes. By the end of 2024 policymakers see inflation at 2.3%, and easing to its 2% target by the end of 2025. Historically once the unemployment rate rises by half a percentage point, it continues to rise another point or two, if not more. Wednesday's projections show Fed policymakers have also become more pessimistic about the outlook for economic growth.

☆ Here's everything the Federal Reserve is expected to do today
▼ + stars: | 2022-09-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Construction workers outside the Marriner S. Eccles Federal Reserve Building, photographed on Wednesday, July 27, 2022 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty ImagesThere's not a lot of mystery surrounding Wednesday's Federal Reserve meeting, with markets widely expecting the central bank to approve its third consecutive three-quarter point interest rate hike. That's the highest the fed funds rate has been since early 2008. Economic outlook: Part of this week's meeting will see Fed officials issue a quarterly update of their interest rate and economic outlook. Powell presser: Fed Chairman Jerome Powell will hold his usual news conference following the conclusion of the two-day meeting.

Fed policymakers expect it to rise to 4.4% by the end of next year, projections released Wednesday show. The availability of nearly two job openings for every job seeker reflects that, and Fed policymakers hope businesses will respond to interest rate hikes mostly by trimming hiring rather than with outright layoffs. Fed policymakers see inflation, now at 6.3% by their preferred measure, falling to 2.8% by the end of next year, projections released on Wednesday show. But in general, banks are slow to pass on the Fed's rate increases to savers and do so at levels typically far below the central bank's policy rate and, currently, inflation. With the rise in rates, monthly mortgage payments on a median-priced existing home have jumped nearly 60% to $1,940 this year.

☆ Here comes the main course
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

The lead-up to the U.S. central bank event has been bumpy and could spell more volatility for Asian markets in the hours before the Fed's statement. Ahead of the rate decision, rates continued their ascent. The 2-year Treasury yield , which tracks Fed rates closely, approached 4%, the highest since 2007. Reuters GraphicsOn Tuesday, Sweden provided the appetizer for the feast of central bank action to follow the rest of the week. The country's central bank caught markets off-guard in hiking interest rates by a larger-than-expected full percentage point.

☆ What Cramer is looking at Tuesday — Fed rate watch, 2-year Treasury yield surge, Ford warning
▼ + stars: | 2022-09-20 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

What I am looking at Tuesday, Sept. 20, 2022 U.S. stock futures were up Tuesday until the 2-year Treasury yield kept up its relentless run to 4%. BofA takes timber company Weyerhaeuser (WY) to neutral (hold) from buy. Etsy (ETSY) started with a neutral (hold) at BofA. Truist takes Norwegian Cruise Line (NCLH) to buy from hold; cuts Carnival (CCL) price-target to $10 per share from $8. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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