Anxious Fed set for historic measure to try to curb inflation

The Federal Reserve is set to take its most aggressive action in decades to rein in inflation when it meets this week — a move that would have implications for the entire economy.

The Federal Open Market Committee, which dictates the country’s monetary policy and is led by Fed Chairman Jerome Powell, is expected to hike its interest rate target by half a percentage point in order to drive down inflation when it meets next Tuesday and Wednesday.