(WWLP) – The Federal Reserve is poised to accelerate its most drastic steps in decades to attack inflation by making it costlier to borrow.

With inflation having surged to a 40-year high, the Fed has come under extraordinary pressure to act aggressively, to slow spending and curb price spikes.

This week, the Fed will likely announce that it’s raising its benchmark short-term interest rate by a half-percentage point, the sharpest rate hike since 2000.