The Federal Reserve is expected to raise interest rates by a quarter percentage point Wednesday, a more modest tack that was previously being considered given the war in Ukraine despite historic rates of inflation.

Inflation is currently running hot, with consumer prices increasing by 7.9% for the 12 months ending in February. Some economists such as former Clinton Secretary of the Treasury Larry Summers have been sounding the alarm and calling for the Fed to take action for months, but all indications are that the central bank will increase rates by just a quarter percentage point.

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