The Fed is expected to raise interest rates for the first time in 3 years

Federal Reserve Chairman Kevin Warsh and his colleagues are widely expected to raise their benchmark interest rate Wednesday, in an effort to tamp down demand and bring prices under control.

The Fed is widely expected to raise its benchmark interest rate to combat stubborn inflation. That could make it more expensive to borrow money to buy a car or carry a balance on a credit card.

(Image credit: Win McNamee)