This is a fight for the soul of the Fed

On the implications of today's looming interest rate hike

Each side holds its claim.
(Image credit: Illustrated | Images courtesy Gary Waters/Ikon Images/Corbis, MANDEL NGAN/AFP/Getty Images)

At 2 p.m. today, the Federal Reserve is expected to raise interest rates for the first time in nearly a decade.

The Fed has kept rates at zero for seven years, and pressure to finally end that unprecedented run is mounting, even as a growing movement is pushing the Fed to keep rates where they are. A bevy of economists and commentators have weighed in, and every media outlet with any interest in economics is primed and ready for today's announcement, which will undoubtedly be one of the most widely anticipated and watched moments in the Fed's history.

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