Economists believe the Fed could hike rates by three-quarters of a percentage point, triple the usual increase, with the cost of living for Americans rising surprisingly fast.
Expectations of an unusually big Fed rate hike increased after government data Friday showedThe Fed is scrambling to get prices under control after being criticized earlier for reacting too slowly to inflation pressures.
Japan's central bank has kept rates near record lows. That has caused the yen to fall to two-decade lows below 135 to the dollar as traders shift capital in search of higher returns.
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