A change in its statement, if there is one, could be seen as signaling an eventual pause in the Fed's aggressive drive to raise borrowing costs. Chair Jerome Powell is still likely to stress, though, that the Fed's campaign to conquer high inflation is far from over.
When its latest meeting ends Wednesday, the 19-member policymaking committee is expected to raise its key short-term rate, which affects many business and consumer loans, by a quarter-point. In doing so, it would elevate the rate to a range of 4.5% to 4.75%, its highest level in 15 years. The Fed's move would follow a half-point rate hike in December and four three-quarter point hikes before that.