FOMC Begins Two-day Meeting, No Rate Hike Expected

The Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting arm, begins a two-day meeting today. The meeting is not expected to end with a rate hike.

The committee last raised the federal funds target rate to the current range of 2.25 to 2.5% at the end of its December meeting, the rate increase in 2018.

Following the FOMC's meeting in December, committee members pared its projection for 2019 from three rate hikes to two.