Fed likely to hike rates to a range between 2% and 2.25%

A large number of economists believe an interest rate hike is likely.

“For now, the FOMC appears comfortable with quarterly rate hikes,” Michael Gapen, chief U.S. economist at Barclays, was quoted as saying in MarketWatch. core inflation just about at the Fed’s 2% target.

The Fed is expected to hike the benchmark short-term fed funds rate by a quarter-percentage point to a range between 2% and 2.25%. That’s the highest level since April 2008.