The current rate-tightening cycle is far from over.

On Wednesday, the Federal Open Market Committee, the Federal Reserve’s interest rate-setting body, will again raise rates aggressively, almost certainly by 75 basis points. Equally important, in its statement accompanying the rate-setting decision on Wednesday afternoon, the FOMC will likely signal that it will hike by an additional 75 basis points at its early November meeting, just a handful of days before the midterm elections.

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