This week, the Fed is likely to raise rates by 0.25% for the 11th time in 15 months.

The 0.25% rate hike would raise the fed funds rate to 5.25%-5.50%, a 22-year high. The Fed’s two-day policy meeting begins Tuesday, with its monetary policy decision expected on Wednesday at 2:00 p.m. ET.

On Wednesday, the CME Group predicts a 99.8% Fed rate hike of 0.25%.

The Fed has regularly anticipated a two-step path to peak rates starting with this week’s rate hike.

Though tight, the Fed’s approach may not be adequate or long enough.

Lorie Logan and Mary Daly support two more rate hikes this year.