Federal Reserve officials won't relent on path to 4.5% and may move higher

On course for 75-bp increase next month; rate headed to 4.5-4.75% by next yr

The Federal Reserve is closing ranks around a goal of quickly raising their benchmark interest rate to around 4.5 per cent then holding it there, while being prepared to go higher if elevated inflation fails to show signs of easing.

The aim, which is widely shared among the US central bank’s 19 policymakers, suggests they are on course to deliver a fourth straight 75-basis-point rate increase next month. The impact on energy prices of OPEC oil production cuts and a strong September jobs report bolster the case, which could get a further boost from fresh inflation data on October 13.