Investors have all but concluded the Federal Reserve will raise interest rates next week for the first time in three years. The harder question is what comes after that. Because almost no one at the central bank thinks a quarter-point increase will do much on its own to bring inflation down, a decision to raise rates next week would reflect a judgment that interest rates have been in the wrong place. If that is the case, one increase won't fix it. "If we get a hike next week, certain

Investors have all but concluded the Federal Reserve will raise interest rates next week for the first time in three years. The harder question is what comes after that. Because almost no one at the central bank thinks a quarter-point increase will do much on its own to bring inflation down, a decision to raise rates next week would reflect a judgment that interest rates have been in the wrong place. If that is the case, one increase won't fix it. "If we get a hike next week, certainly we'll get additional ones," said Richard Clarida, a former Fed vice chair who is now at Pimco. -- TIMIRAOS