Fed expected to raise rates Tuesday 22 March

It was widely expected that the Federal Reserve would boost its target for the federal funds rate by another quarter-point at the conclusion of its two-day meeting on Tuesday 22 March.

It would be the seventh quarter-point increase since the Fed started raising rates last June when the funds rate stood at a 46-year low of 1 percent. The funds rate is currently 2.50 percent.

While a quarter-point rate hike was widely expected, analysts said there was more doubt about the wording the Fed will use