After a rate hike pause in June, the Federal reserve raised its short-term benchmark during its last meeting in July. This has left it as a range of 5.25% to 5.50%, which is the highest level in 22 years.

The Fed is set to meet again Tuesday and Wednesday. In July, Fed Chair Jerome Powell said, "It's certainly possible we would raise (rates) again at the September meeting and it's also possible we would hold steady."

The Fed lifts rates to raise the cost of borrowing for businesses and shoppers. The goal is to curb borrowing, cool off an overheated economy and fend off inflation spikes. The trick is to moderate inflation without sending the economy into a recession, what economists call a "soft landing."

Looking ahead, this is when the Federal Reserve plans to meet for the rest of 2023.

Federal Reserve 2023 Meeting Schedule

• September 19-20

• Oct/Nov 31-1

• December 12-13

Fed meeting live updates: No interest rate hike expected in September

When is the next Fed meeting?

The next Federal Reserve meeting will be held from September 19 to 20.

How much did the Fed raise interest rates?

At the Fed's last meeting, which was held from July 25 to 26, interest rates were bumped up 0.25 percentage points. This left the current range at 5.25% to 5.5%, marking the highest level in 22 years.

This also came following a pause in interest rate hikes in June.

According to the Fed, “determining the extent of additional policy firming (rate increases) that will be appropriate” to lower inflation to the Fed’s 2% target will hinge on inflation as well as economic and financial developments, among other factors.

Is a 2023 recession coming? Job growth likely to slow sharply, companies brace for impact

Is inflation going down from the Fed's interest rate hikes?

Some evidence shows that inflation is cooling.

The most widely watched inflation gauge is the consumer price index. It showed that overall prices in April eased from a 40-year high while remaining elevated. CPI rose 4.9% year-over-year in April, down from an annual increase in prices of 5% in March and a 9.1% rise last June.

Another key trend is hiring, which accelerated in May as employers added a booming 339,000 jobs, much more than economists expected. It was another sign that the job market has been remarkably sturdy despite the Fed’s aggressive hikes aimed at tamping down hiring and wage growth, a key driver of inflation.

That blockbuster May jobs report could scuttle the Fed's plan to pause rate hikes this week.

Economists also indicate that even without big Fed rate increasesinflation has slowed as supply-chain bottlenecks ease, commodity prices fall, a strong dollar lowers import costs and retailers offer discounts to unload swollen inventories.

How many times did the Fed raise interest rates in 2022?

Interest rates have been hiked ten times since early last year. Rates had been hovering near zero during the pandemic and then were raised by 0.25 percentage point starting in March 2022.

Another increase came in May 2022, this time by 0.50 percentage point, followed by 0.75 percentage point hikes for four consecutive meetings. The Fed ended 2022 with a 0.50 percentage point hike before approving three quarter-point increases so far this year.

Contributing: Paul Davidson, Elisabeth Buchwald, Olivia Munson

This article originally appeared on USA TODAY: Fed meeting schedule 2023: A look at this year's calendar