Why the Fed will likely raise interest rates this week despite controversy in Washington

WASHINGTON – The Washington political world is in disarray. Britain’s election tumult has scrambled the outlook for Europe. And economies in the United States and abroad are plodding along at a pace that hardly suggests robust health.

Yet when the Federal Reserve meets Wednesday, it’s all but sure to raise its benchmark interest rate for the third time in six months – a pace the Fed would normally adopt when it’s trying to slow an economy at risk of overheating.

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