Some projects that were budgeted and started at the beginning of the inflation spiral are now in jeopardy.

North Carolina Republican Patrick McHenry — who's in line to lead the House Financial Services Committee after the GOP won control of the chamber in the midterm elections — has called for the Fed to stay focused on controlling inflation. Democrats, who retained the Senate, have begun to voice concerns that higher borrowing costs will hurt jobs and potentially cause a recession.

Federal Reserve Bank of St. Louis President James Bullard urged policymakers to raise interest rates further, saying the level will need to be higher to meet the central bank's goal to be "sufficiently restrictive" to bring down inflation.

Federal Reserve officials stressed the need to keep raising interest rates while acknowledging recent encouraging news on U.S. consumer prices.

Federal Reserve Governor Christopher Waller said "we've still got a ways to go" before the central bank stops raising interest rates, despite good news last week on consumer prices.

The Federal Reserve looked closer to moderating aggressive interest-rate increases after welcome news on inflation, with three officials backing a downshift even as they stressed that policy needs to stay tight.

Federal Reserve Bank of Richmond President Thomas Barkin said the U.S. central bank will "persist" in its efforts to bring high inflation under control.

Boston Federal Reserve Bank President Susan Collins said monetary policy is entering a new phase that could require smaller rate increases.

With the Federal Reserve's hike pretty much expected, analysts will search for clues about future moves.

The day after the FOMC announces its policy decision, Christian Scherrmann, U.S. Economist at DWS Group, will offer his take on the meeting, Fed Chair Powell's press conference and what comes next.

"It should at least be something we're considering at this point, but the data haven't been cooperating," Daly said Friday.

Federal Reserve Governor Lisa Cook said she supports the central bank's policy-tightening path.

The Federal Reserve Bank of Atlanta president he would keep the tightening in place next year to reduce inflation that remains near a four-decade high.

The September Federal Open Market Committee meeting may provide a turning point in monetary policy. Brendan Murphy, head of global fixed income, North America, at Insight Investment will offer his thoughts about the meeting and what to expect going forward.

"All of you who are looking for a pivot, be careful what you wish for," the chief economic adviser at Allianz SE and Gramercy Funds chairman said.

"It will take time for the full effect of tighter financial conditions to work through different sectors and to bring inflation down," Brainard said. "Monetary policy will need to be restrictive for some time to have confidence that inflation is moving back to target."

Federal Reserve Chair Jerome Powell has deflected requests from a top critic, Sen. Elizabeth Warren, for details of financial transactions by central bank officials, risking an escalation of tensions with lawmakers over disclosure issues.

"The lack of progress thus far has me thinking much more now that we have to get to a moderately restrictive stance," he told reporters Wednesday.

John Hallacy talks with Chip Barnett about how fiscal and monetary policy is affecting the municipal bond market. He discusses recent data releases, supply forecasts and the midterm elections and the future of ESG in public finance. (20 minutes)

Munis were little changed while long UST improved and equities ended in the red after the FOMC raised the fed funds rate target 75bps to a range of 3% to 3.25% and members are leaning toward a rate of 4.4% by yearend.