WASHINGTON — With inflation rising in a fast-rebounding economy, the Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies.

It will be a fraught discussion, one likely to occur over several months. Yet the escalating inflation that has forced consumers and businesses to pay more has intensified pressure on the Fed to ensure that rising prices don't become entrenched in consumers' outlooks. If Americans start to anticipate higher prices, they might take actions — such as accelerating their purchases before prices rise further — that could send inflation even higher.

From staff and wire reports