Federal Reserve's interest rate announcement: Here's what to expect

All eyes are on the Federal Reserve as the central bank's rate-setting body debates how to deal with a prolonged bout of inflation that has soured consumers on the post-COVID-19 recovery.

The Fed's rate-setting body, the Federal Open Markets Committee, is wrapping up its last meeting of the year on Wednesday. Fed Chair Jerome Powell is set to give a press conference at 2:30 p.m. EST laying out his outlook for the economy and the bank's upcoming policy changes that could include multiple small hikes in interest rates next year.