The Fed's two-day monetary policy meeting starts Tuesday morning and culminates with its interest rate decision at. ET Wednesday.
The US dollar, measured by the ICE US Dollar Index, is up 0.1
The central bank is expected to cut interest rates by a quarter of a percentage point. It has been expected and priced for several weeks. The market reaction may be much more driven by the future guidance and language of Fed Chairman Jerome Powell. Market participants will look at clues as to whether there will be more interest rate cuts in the future, perhaps as early as September.
President Donald Trump told reporters that the Fed should have acted faster to cut interest rates and stimulate the economy, according to CNBC. Trump also said the Dow would be 10,000 points higher if it wasn't for the Fed's policies.
Because the Fed has been a main driver for the recent stock rally, the central bank's interest rate decision overshadows everything else this week.  US and Chinese trade representatives meet in Shanghai as of today, although the market does not have high hopes for the outcome. President Donald Trump tweeted earlier that China was doing "very poorly" and did not buy the US agricultural products it promised to buy.
"That's the problem with China, they just don't get through," he wrote.