The Federal Reserve is on an inflation-busting campaign. During the September meeting of the Fed’s policy-making arm, the Federal Open Market Committee (FOMC), the committee’s members raised the benchmark federal funds rate by 75 basis points, to a target range of 3.0–3.25 percent, the highest level since 2008.  
According to the dot-plot—a survey of rate-setting committee members and their economic projections—interest rates are projected to climb to 4.4 percent by the year’s end and 4.6 percent in 2023.  
Fed officials believe rate hikes will curb demand, which would be the panacea to rampant price inflation. Although there are concerns this would potentially trigger a sharp economic downturn, Fed Chair Jerome Powell and his colleagues believe the “pain” is necessary to reintroduce price stability into the U.S. economy.  …