The US Federal Reserve is expected to raise interest rates on Wednesday, which will be the highest rates since 2001. The market predicts a 25 basis point rate hike, bringing the target rate to the 525-550 basis point range. It is uncertain how the Federal Open Market Committee (FOMC) views future interest rate probabilities as the economy has not yet shown signs of weakening. Traders project a 19% chance of a rate hike in the September meeting and a 40% chance in the November meeting. The Fed may enforce further monetary policy tightening if the economy weakens.