The Fed's expected to raise interest rates - again

Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

The Federal Reserve will announce later today whether?it's raising its short-term interest rate for the eighth time.

The Fed is expected to?boost the rate by a quarter percentage point, a move that's in line with the central bank's typical pattern, but far less than the more aggressive increases it began rolling out in March 2022 when inflation began to soar.

Prices are still high but are decreasing, with annual inflation slipping to 6.5% in December for the sixth month in a row according to the Consumer Price Index.

But even if the Fed's interest rate increase is lower than recent hikes, many consumers are unlikely to feel much relief.

The cost of carrying a credit card balance has reached record highs, and mortgage rates remain the steepest they've been in over 10 years.

Business lunches in 2022 get a big tax break?

Companies and small business owners filling out their 2022 returns may be in for a treat.

If they bought business-related meals and beverages for their employees from a restaurant in 2021 and 2022, they could deduct 100% of the cost. That's up from the 50% deduction for those meals that was in place before the pandemic.

But the deduction doesn't apply if you bought your staffers lunch from a supermarket or vending machine. And it will drop back down to 50% this year.

Gas prices are on the rise?

Gas prices began to slide in the fall, but they've been on the rise for each of the last five weeks and are expected to continue to increase, experts say.?

Drivers are paying $3.50 on average for a regular gallon of gas, according to AAA. That's up from $3.36 a gallon at the same time last year. And experts predict the average price might tick up to $4 in the coming months.??

?? Recall alert ??

Ford, Hyundai and BMW are among the car manufacturers who are recalling over 391,000 vehicles for reasons ranging from faulty camera systems to leaky fuel tanks.??

The carmakers reported the issues to the U.S. National Highway Traffic Safety Administration last week.?

The recalled vehicles include?382,759 Ford Explorers, Corsair SUVs and?Lincoln Aviators that have a flawed back-up camera system that turns the video monitor blue, and 326 2022 Hyundai Santa Fe Hybrid Plug-in cars with faulty fuel tanks.

To see if your vehicle is being recalled, check?USA TODAY's automotive recall database?or the database provided by the NHTSA.

?? More stories you shouldn't miss ??

• Google goes to the Supreme Court. The justices will take up the controversial law that shields Big Tech companies from legal liability for most?of the content users post on their sites.?
• Chicken wing prices drop just in time for the Super Bowl. Despite inflation, Super Bowl party favorites like chicken wings and guacamole will be cheaper this year according to a Wells Fargo report.
• Drug makers are hiking prices. Pharmaceutical companies like Pfizer and AbbVie raised the costs of nearly 1,000 drugs in January.
• What's the mileage rate to use when filing your taxes? There's more than one number to be aware of as you file your 2022 federal income tax returns.

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