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Here's everything the Federal Reserve is expected to do today

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There's not a lot of mystery surrounding Wednesday's Federal Reserve meeting, with markets widely expecting the central bank to approve its third consecutive three-quarter point interest rate hike.

That doesn't mean there isn't considerable intrigue, though. While the Fed almost certainly will deliver what the market has ordered, it has plenty of other items on its docket that will catch Wall Street's attention.

Here's a quick rundown of what to expect from the rate-setting Federal Open Market Committee meeting: Rates: In its continuing quest to tackle runaway inflation, the Fed almost certainly will approve a 0.75 percentage point hike that will take its benchmark rate up to a target range of 3%-3.25%.

That's the highest the fed funds rate has been since early 2008. Markets are pricing in a slight chance for a full 1 percentage point increase, something the Fed has never done since it started using the fed funds rate as its primary policy tool in 1990. Economic outlook: Part of this week's meeting will see Fed officials issue a quarterly update of their interest rate and economic outlook.

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