Kevin Warsh is getting a big test to prove the Fed's independence

The Federal Reserve is expected to raise interest rates, with markets pricing in a nearly 95% probability of a hike according to the CME FedWatch tool. This comes as months of data show inflation remains above the Fed's 2% target. Investors appear to support the move, which would signal that Fed Chair Kevin Warsh is committed to maintaining the central bank's independence. The decision is anticipated this afternoon.

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