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Fed expected to raise interest rate today: Here's how it could hit your wallet and portfolio

— Eddie

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The US Federal Reserve is likely to deliver a third consecutive interest rate hike this week.

Consumers should expect their costs to head even higher and job losses to mount as economic growth grinds to a halt

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Although the Fed doesn't directly control consumer interest rates, its rate increases ripple through the economy

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Consumers should focus on boosting emergency savings and paying down high-cost debt, an analyst says.

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The Fed's expected to raise rates Wednesday by 75 basis points, which would mark the third consecutive increase of that size.

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In August, overall annual inflation dipped to an 8.3% pace from July's 8.5%, but the core rate without the volatile food and energy sectors rose 6.3%

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The increase unleashed worries that inflation's getting entrenched in areas that'll be harder to control if the Fed doesn't act faster.

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