US Interest Payments to Cost More Than Entire Defense Budget, $31 Trillion Debt Points to 'Very Precarious Future'

After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate Wednesday, a first step toward dialing back its efforts to combat inflation. At the same time, the Fed is expected to signal that it plans more hikes next year than it had previously forecast to try to conquer the worst inflation bout in four decades. 

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