The Federal Reserve is set Wednesday to modestly raise its key short-term interest rate for the second time this year. But attention will be focused on any hints the Fed might accelerate its hikes in the coming months.
Federal Reserve Chairman Jerome Powell told Congress on Tuesday that the outlook for the U.S. economy "remains strong" despite the recent stock market turbulence, keeping the central bank on track to gradually raise interest rates.
With voters set to choose a new president and Congress in six days, the Federal Reserve will likely keep a low profile when it ends a meeting Wednesday to try to ensure it doesn't become part of the debate at the close of a tumultuous political campaign.
Warmer weather has yet to boost home-buying as it normally does. Rising prices and higher rates have made affordability a problem for would-be buyers, while many homeowners are reluctant to list their properties for sale.