The Federal Reserve is expected to hike rates for the first time in three years: Live updates

While it may have taken a while, Wall Street finally has warmed to the idea that the Federal Reserve likely will raise its benchmark interest rate as it seeks to slay a maddeningly persistent inflation problem. Traders have assigned a better than 90% probability that the central bank's Federal Open Market Committee will vote to raise the overnight funds rate a quarter percentage point, putting the target range at 3.75%-4%, according to the CME Group's FedWatch gauge of futures prices. A month ago, the odds were just 36%, as the market expected soft inflation readings and Chairman Kevin Warsh 's reluctance to commit the Fed to a hawkish policy path to keep the appetite in check for tighter monetary policy.