The Federal Reserve is expected to raise its benchmark interest rate for the 10th time on Wednesday in an attempt to curb inflation. The hike will likely be followed by a statement from Chair Jerome Powell about what comes next. Economists predict that Powell will hint at a pause in rate increases but won’t provide a concrete indication that this week’s hike will be its last. Instead, he may stress that further rate hikes could occur if inflation remains persistently high, well above the Fed's 2% target rate. Some analysts expect two Fed rate cuts by year-end, although Powell is expected to emphasize that the Fed doesn't plan to cut rates anytime soon. Even after a potential pause, the Fed's key rate would remain at 5.1%, a 16-year high and 5 percentage points higher than March 2022. Policymakers have forecasted implementing one more hike and then leaving rates unchanged until next year. However, seven of the Fed's 18 policymakers have projected that rates will exceed 5.1%. The next steps for the central bank are unclear and rife with uncertainty and conflicting signals, including a cooling economy, a surprisingly resilient job market, and the impact of recent bank failures.