The penultimate meeting of the Federal Open Market Committee (FOMC) is crucial for investors. The Federal Reserve has been raising interest rates for months, but inflation has not declined significantly.

This is important in considering how the Fed will react to inflation data. The PCE price index rose 0.3% monthly in September, in line with expectations. This could be a good sign about the efficacy of previous rate hikes. The expectation for this meeting is to raise interest rates by 0.75%, bringing interest rates to 3.75-4%. The market tends to react to this news with whiplash.