The Federal Reserve is expected to raise its benchmark interest rate by a quarter-point on Wednesday, the 11th rate rise in 17 months.

This will raise mortgage, auto, credit card, and corporate borrowing expenses.

Despite the slowdown in inflation, the Fed’s hopes for a “soft landing” in which inflation slows toward the Fed’s 2% target without causing a recession remain high.

Core inflation, including food and energy costs, climbed 4.8% in June compared to a year earlier.

As long as these metrics remain high, the Fed officials will feel obligated to keep rates high and potentially raise them.

Policymakers expect two more increases, including Wednesday’s, in June.

Some experts fear too many hikes might cause a devastating recession.

The Fed’s rate decisions will depend on economic signals between now and its Sept. 19-20 meeting, with some experts predicting the Fed will avoid a raise at its September meeting.

The ECB rate hike is expected, and inflation in the eurozone is still greater than in the US.

The Bank of Japan is expected to maintain its policies next week.