The U.S. Federal Reserve will be concluding its two day monetary policy meeting this week and will be holding a press conference and releasing the monetary policy statement this Wednesday on March 21st.

According to the economists polled, interest rates are expected to rise.

The Fed funds futures market has assigned a near 100% probability that interest rates will rise by 25basis points at this week’s meeting.

This would bring the U.S. Fed funds rate to 1.50% – 1.75% and will mark the first rate hike this year.

The FOMC meeting will also be followed by the release of the Fed’s dot plot.

The market speculation for the moment is that Fed officials could signal four rate hikes this year.

However, the recent stretch of mixed economic data and the failure to see any evidence of wage pressure in the labor market could see the Fed officials sticking to three rate hikes.

This week’s Fed meeting will also be the first for the newly appointed Fed Chair Jerome Powell.

He will also be holding a press conference later in the evening as investors gear up to hear the new Fed chief’s views on the economy and the pace of interest rate hikes.