Inflation-fighting Fed likely to flag March interest rate hike

The Fed is expected on Wednesday to keep its benchmark overnight interest rate unchanged at the near-zero level

The Federal Reserve is expected on Wednesday to signal plans to raise interest rates in March as it focuses on fighting inflation and sets aside, at least for now, economic risks posed by the ongoing coronavirus pandemic, a bout of market volatility, and Western fears of a Russian invasion of Ukraine.

The policy decision, due to be released at 2 p.m. EST (1900 GMT) after a two-day meeting, won't commit the U.S. central bank to a particular course of action when its rate-setting committee meets again in seven weeks.

But absent a marked change in the course of the economy