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Economic Preview: Fed to send clear message that more rate hikes are coming

Reuters
Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing in mid-July.

The Federal Reserve will issue a statement declaring strong growth and inflation moving to its 2% target, making clear more interest rate hikes are coming.

“All they need to do is to point to current growth and inflation numbers and it tees up the next rate hike in September,” said Diane Swonk, chief economist at Grant Thornton.

Read:U.S. economy accelerates to 4.1% rate in second quarter, fastest in almost 4 years

The Federal Open Market Committee will release a statement at 2 p.m. Wednesday after two days of talks.

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