The Federal Reserve is expected Wednesday to announce an increase in interest rates for the fourth consecutive time to slow high inflation.

Fed Chairman Jerome Powell is expected to announce an increase of 0.75% for the fourth straight time since June.

The announcement will come at the conclusion of the Federal Open Market Committee’s two-day policy meeting. 

The increase would raise lending rates to 3.75%-4%, up from 3%-3.25% and result in the highest rate since January 2008, according to CNN.

On the concern that high interest rates will downshift the economy into recession, Powell has said high inflation is worse.

Projections last month showed that the interest rate will rise to 4.4% by the end of the year with the next rate cut not expected until 2024.

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