Although Washington D.C. is closed due to weather reasons, the Federal Reserve meeting will still proceed as scheduled.

The Federal Reserve confirmed in a statement on Monday evening that despite the closure of federal government offices in Washington DC due to heavy snow, its policy meetings on Tuesday and Wednesday will proceed as scheduled. The Federal Reserve confirmed that the Federal Open Market Committee will meet as planned for a two-day meeting starting Tuesday morning, with the interest rate decision expected to be announced at 2pm Eastern Time on Wednesday afternoon, followed by a press conference by Chairman Jerome Powell at 2:30. Traders widely expect the Federal Reserve to keep interest rates unchanged in the range of 3.5% to 3.75%.