Fed rate hike case strengthens on global move

The case for the Federal ReserveFederal Reserve to forgo an interest-rate hike was strengthened in the eyes of some central bank watchers on Sunday after a coordinated global move to ease financial strains.

A yearlong campaign to stamp out inflation was extending ahead of the weekend, as most economists had predicted that the Fed would raise its benchmark rate by a quarter point on Wednesday, to a range of 4.75% to 5%.

The Fed and five other central banks announced on Sunday afternoon that they will increase the frequency of access to daily from weekly - a measure that was taken during other moments of crisis.

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