FOMC expected to raise rates tomorrow

The Federal Open Market Committee begins its two-day meeting today, after which it is expected to announce an increase in the federal funds target rate.

The range has been set at 0 to 0.25 percent since 2008. Observers have been awaiting the rate increase for months, while the committee has repeatedly indicated they were still waiting for inflation to increase and for the labor market to improve. The committee had also expressed unease about economic instability abroad.

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