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Policy makers could choose to keep expectations of more rate cuts alive in their announcement.
Wall Street is hoping for hints of more rate cuts, which could further loosen the credit markets and fuel spending.
Even the few forecasters who expect a recession see a very quick recovery, based in part on the assumption of more rate cuts.
An increase of less than 0.05 of a percentage point might sound small, but economists said it was a harbinger of more rate increases to come.
The threat of more rate cuts and money-printing from the Bank of England if the government chooses a "Hard Brexit" has sent the British pound lower, but UK economic data continues to impress.
Sterling: When I look around the world I see the possibility of more rate hikes in the U.S. and Europe.
Similar(48)
"The market's very much afraid of several more rate increases" by the Fed, whose policy-making committee is to meet on Tuesday.
"We should have more rate of spread and more acreage burned than yesterday," said Schulte.
Rates have fallen from above 3.2% last fall as investors factor out chances of more Fed rate hikes and as the global economy slows.
Other measures took the form of more traditional rate cuts, particularly to managed care providers and pharmacies.
The stock market, reacting to the hints of rising inflation and the likelihood of more interest rate increases, plunged in the first hour or so of trading yesterday.
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