Fed plans another big hike in bid to cool inflation

Federal Reserve officials look on track for another jumbo increase in interest rates this month, as they hasten to crimp demand and assure Americans they will bring inflation back down to 2%.

Fed Governor Chris Waller signaled his backing Friday for a 75 basis point hike by saying he supported "another significant increase." Earlier, St. Louis Fed President James Bullard said that he is leaning "more strongly toward" a jumbo move when officials gather September 20-21. Both have been good bellwethers so far this year on where Fed policy is headed.

Their remarks followed hawkish comments from other policy makers this week, led by Chair Jerome Powell, that implicitly or explicitly endorsed a third consecutive 75 basis-point increase. Powell had previously said the decision was between that and a half-point increase, depending on the data.