Fed seen jacking interest rates further as U.S. inflation soars

TRADERS boosted bets on Wednesday the Federal Reserve could deliver an even bigger interest-rate hike at its policy meeting later this month after the latest government data showed inflation, already at a 40-year high, accelerating further.

A bevy of central bankers over the past couple of weeks have already signaled support for a 75 basis point rate increase at their upcoming policy meeting on July 26-27, following a similar-size hike at their last meeting in June.