ALSO READStrong U.S. job growth, rising wages set stage for Fed rate hike U.S. consumer spending, inflation data support Fed rate hike case Federal Reserve minutes point to rate hike 'fairly soon' Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017 Gold edges lower after Yellen hints of rate hike
Most economists expect the Federal Reserve to boost the benchmark rate a modest quarter of a per cent, to a range between one and 1.25 per cent, Voice of America reported.
The fed cut rates nearly to zero at the worst of the financial crisis to make borrowing cheaper in a bid to boost economic growth and employment.
Since then, the recovering economy and improved unemployment rate, at 4.3 per cent, have prompted the central bank to gradually raise rates.
Officials worry that keeping rates too low for too long could spark a burst of inflation that could hurt the economy.
Federal Reserve Chair Janet Yellen will meet with journalists on Wednesday afternoon.
She is likely to get questions about possible interest rate hikes.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)