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Fed expected to ramp up inflation fight with big rate hike

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By Ann Saphir WASHINGTON (Reuters) -Federal Reserve policymakers on Wednesday are expected to deliver the biggest U.S. interest rate hike in more than a quarter of a century, along with forecasts for heftier increases in borrowing costs this year, their best guesses for how quickly inflation could subside, and at what cost to the job market. Fed watchers expect the U.S. central bank to raise its short-term policy rate by 0.75 percentage point to a range of 1.50% to 1.75%, the first increase of that size since 1994. An announcement is due at 2 p.m. EDT (1800 GMT) following the end of the centra…

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