The Federal Reserve is widely expected to increase interest rates after its two-day policy meeting that ends on Wednesday. Bobbi Rebell reports.
It will soon be official. Interest rates are going up. A Fed rate hike is a done deal according to 120 economists polled by Reuters. The U.S Federal Reserve starts its two-day policy meeting on Tuesday.. and there is no expectation of any more delays. In fact, the Fed fund futures show a 97 percent chance of a quarter of a percentage point lift, according to the CME Group. Jim Glassman of Chase Commercial Bank says the rate hike is so certain that it is a "non-event" for the markets, adding, the hikes will get more frequent in 2017. (SOUNDBITE) JIM GLASSMAN, HEAD ECONOMIST, CHASE COMMERCIAL BANK, (ENGLISH) SAYING: "Possible four moves. A lot depends on how the economy plays out. We are getting closer to full employment. There are still lingering pockets of unemployment, but I would expect inflation to start picking up, and that would encourage them to move in that direction." The real surprise could come in the press conference that Fed Chair Janet Yellen will hold at 2:30 p.m. Eastern Time after the statement is released on Wednesday. Likely hot topics: any change in the Fed's economic outlook, her take on President-elect Donald Trump's fiscal stimulus plans, and whether she will be sticking around when her term ends in early 2018.