The Fed is in the midst of its two-day policy meeting. It is widely anticipated that it will hike rates for the 4th time in this cycle late Wednesday night Asia time. With only one increase each in 2015 and 2016, this will also be the first time that two rate hikes happen in the same year. CME data is showing a 96% probability of hike and is being considered a near certainty. Therefore, investors will  focus on the nuances of the statements that follow to interpret the future path of rate increase.

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