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TOP STORIES:

FEDERAL RESERVE -- The Federal Reserve is set to raise its benchmark short-term interest rate by a half-percentage point, the sharpest rate hike since 2000, as part of a broad effort to curb the worst inflation in 40 years. The Fed's latest hike represents the start of an acceleration of rate increases that will make it costlier for households and businesses to borrow. A Fed statement Wednesday afternoon will be followed by a closely watched news conference by Chair Jerome Powell. By Christopher Rugaber. UPCOMING , By 2:30 p.m. EDT, photo.

FEDERAL RESERVE-RATE HIKES-IMPACT -- Mortgage rates are surging. Rates on auto loans and credit cards are rising, too. Savers may receive somewhat better returns, while returns on long-term bond funds will likely suffer. As the Federal Reserve accelerates the size and pace of its interest rate hikes to fight high inflation, the financial pressures on individuals, businesses and the economy as a whole are sure to intensify in the coming months. Here are some questions and answers about what multiple rate hikes collectively could mean for consumers and businesses. By Christopher Rugaber. UPCOMING : 900 words , By 3:30 p.m. EDT, photo.

RUSSIA-UKRAINE WAR-OIL EXPLAINER -- The European Union's executive commission has proposed phasing out imports of Russian oil within six months. It is part of Europe's struggle to stop paying Russia $850 million a day for energy and hit the Kremlin's finances over its invasion of Ukraine. SENT: 1,000 words, photos.

MARKETS & ECONOMY:

FINANCIAL MARKETS -- Wall Street is off to a mixed start on Wednesday and bond yields are rising as traders look ahead to an announcement later in the day on interest rates from the Federal Reserve. Lyft sank after releasing an outlook weaker than analysts were expecting, while Airbnb and Starbucks both rose after reporting solid results. By Damian J. Troise and Alex Veiga. SENT: 770 words, photos. UPCOMING: Will be updated throughout trading, final version of around 700 words by 5 p.m.

BIDEN-ECONOMY -- President Joe Biden plans to highlight deficit reduction in remarks at the White House, noting that the government will pay down the national debt this quarter for the first time in six years. Biden remarks scheduled for 11 a.m. EDT. By Josh Boak and Fatima Hussein. SENT: 550 words, photos. UPCOMING: Will be updated.

PHILANTHROPY:

PHILANTHROPY-PEN AMERICA -- The literary writer's organization PEN America has hired a human rights advocate, Liesl Gerntholtz, to expand its support of writers around the world who face imprisonment for their work. By Thalia Beaty. SENT: 870 words, photos.

EARNINGS:

CVS HEALTH-RESULTS -- COVID-19 vaccines and tests for the virus continue to boost CVS Health and the health care giant raised its annual forecast after yet another strong quarter. By Tom Murphy. SENT: 460 words, photos.

INDUSTRY:

TURBOTAX-SETTLEMENT -- The company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services, New York's attorney general announced Wednesday. SENT: 450 words, photos.

PERSONAL FINANCE:

ON THE MONEY-NERDWALLET-SAVING DURING INFLATION -- During inflation, consumers can adjust their spending and saving strategies to help lessen the impact that inflation has on the value of their money. It's important to have liquid cash set aside for emergencies, but beyond an emergency fund, there are other ways to save money and help retain its value. By Chanelle Bessette of NerdWallet. SENT: 890 words, photo.

BEHIND THE WHEEL-PASSPORT VS CHEROKEE -- Upgrading from a compact to a midsize SUV doesn't need to include a third row. Small families and empty nesters who want a bit more versatility can enjoy a midsize crossover's cabin volume without the need to stow or store unused seats. There are several great options to choose from, but the 2022 Honda Passport and 2022 Jeep Grand Cherokee are two standouts. By Miles Branman of Edmunds. SENT: 750 words, photos.

INTERNATIONAL:

INDIA-LIFE INSURANCE IPO -- A much-awaited initial public offering for India's state-run Life Insurance Corp. began this week with retail investors allowed to subscribe for its shares starting Wednesday. By Krutika Pathi and Ashok Sharma. SENT: 630 words, photos.

INDIA ECONOMY -- India's central bank on Wednesday raised its key interest rate to 4.4% from 4% to contain fast-rising inflation. Reserve Bank of India Governor Shaktikanta Das raised the repo rate by 40 basis points and also announced that the bank for the present will maintain an accommodative stance on monetary policy. SENT: 210 words, photos.

SRI-LANKA-ECONOMIC-CRISIS -- Sri Lanka's economy is in dire straits with its usable foreign reserves down to less than $50 million, the country's finance minister said Wednesday. By Bharatha Mallawarachi. SENT: 530 words, photos.

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