Fed is expected to ignore the fact that the economy barely grew in the first quarter

The Federal Reserve is expected to signal that it sees the paltry economic growth in the first quarter as a temporary phenomenon that will not get in the way of its plans to raise interest rates. The Fed has forecast two more interest rates hikes for this year, and the market thinks odds are greater than 50 percent that the next hike will come in June. Following its two day meeting Wednesday, the Fed’s Federal Open Market Committee is expected to hold its Fed funds target rate range steady but issue a statement at 2 p.m. ET.

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Source: CNBC

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