Fed likely to hike rates due to rising energy costs and weaker dollar

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The Federal Reserve is highly likely to raise interest rates at the upcoming FOMC meeting, as it is the primary tool to address persistent inflationary pressures, which are exacerbated by surging gasoline and diesel prices and a depreciating dollar. These rising energy costs, particularly gasoline and diesel, are significant contributors to inflation and haven't fully impacted the latest CPI report, creating a 'perfect environment' for inflation to tick higher.