The Fed is hiking rates Wednesday, but here's what else you need to know :

The Fed's current forecast expects PCE core inflation at 1.9 percent for this year, and while PCE has been under 2 percent, CPI is running above the Fed target of 2 percent. Economists expect to see the Fed increase its fed funds target range by 25 basis points, to a range of 1.75 to 2 percent. A solution suggested at the meeting was that the Fed raise the rate paid on reserves by 0.2 percent, while it hikes the funds rate 0.25 percent. "We believe the 25bp hike in the target range will be implemented by increasing the IOER rate by 20bp, thereby encouraging the effective fed funds rate to trade closer to the middle of the 1.75-2.00%

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