Fed expected to raise interest rates

FILE -Federal Reserve Board Chair Janet Yellen (AP Photo/Susan Walsh, File)

HONG KONG (AP) — The Federal Reserve wraps up its two-day meeting Wednesday. Economists expect that the U.S. central bank will raise interest rates by a quarter of a percentage point.

It would be only the Fed’s third rate hike in a decade, and analysts say it’s already priced into financial markets.

Higher rates would make the U.S. more attractive and could siphon away capital from emerging markets and weaken their currencies.