5 things to know Wednesday

Fed poised to make major move to cool inflation

The Federal Reserve is expected to give interest rates their biggest upward bump in 22 years on Wednesday in an effort to tame an inflation rate that’s raging at a 40-year high. After raising its key short-term interest rate from near zero by a quarter-percentage-point in March, the Fed is set to push it up another half-point, its largest move since 1994. And that’s likely just the beginning: When the Fed began raising rates in March, it forecast six more hikes this year and more in 2023. Wednesday’s move will drive rates higher on everything from credit cards to mortgages; on the plus side, consumers will finally see bank deposit rates rise from paltry levels, especially for online savings accounts and CDs.

EU leader calls for member nations to ban oil imports from Russia

European Commission President Ursula von der Leyen, the leader of the European Union, on Wednesday called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions targeting Moscow for its war in Ukraine. Von der Leyen, speaking in France, called on the EU’s member nations to phase out imports of crude oil within six months and refined products by the end of the year. The proposals need to be unanimously approved to take effect and are likely to be the subject of fierce debate.

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