Washington (AFP) – The Federal Reserve opened on Wednesday the second day of its policy meeting where it is set to announce another big interest rate increase, the fourth this year, in its ongoing battle to tamp down price pressures squeezing American families. US central bankers are hoping their aggressive stance will cool red-hot inflation that topped nine percent in June, the highest in more than 40 years, without derailing the world’s largest economy. President Joe Biden is facing political costs for surging prices, which he blames mostly on the Russian invasion of Ukraine that has sent gl…