Fed expected to raise interest rates

-Source-CNBC-

The Fed is expected to raise interest rates by a quarter point Wednesday and indicate it plans to keep hiking them in what many expect to be a hawkish message for markets.

Wall Street economists expect the Fed to make a number of changes that reinforces a hawkish tone, including raising its growth forecasts, dropping language that says its policy is accommodative and sounding more confident about the outlook.

The Fed releases its statement and revised economic and interest rate forecasts at 2 p.m. ET Wednesday, and Fed Chairman Jerome Powell holds a briefing at 2:30 p.m. Ahead of the meeting, the 2-year Treasury note yield Tuesday rose to 2.84 percent, its highest level since 2008. The 2-year most reflects Fed policy but the 10-year was also moving higher, touching just below its year high of 3.12 percent Tuesday. Read more