The US Federal Reserve is set to hold a two-day policy meeting on Tuesday, deciding whether interest rates could rise further before the end of the year.

The Fed is expected to maintain the benchmark federal funds rate at 5.25% to 5.5%, consistent with its slower rate hike pace.

The Fed has hiked rates at 10 sessions from March 2022 to May 2023, and 12 of 18 members expect two more quarter-point rate hikes by year’s end.