Analysts said apart from the immediate impact of a rate hike on Wednesday, future guidance on rates, growth and inflation outlook will be key for GCC economies.
Bloomberg forecasts have given a 100 per cent probability to a 0.25 percentage-point hike at this meeting. This rise was heavily trailed in recent weeks and has been priced in as a certainty by market participants in New York, London and Tokyo - though some would be surprised by a half-point rise.
At the end of the two-day meeting - starting tomorrow morning Singapore time - Fed chairman Janet Yellen is expected to announce this year's first rate hike. The Fed is in the process of raising rates from historic lows while maintaining a gargantuan balance sheet as a result of the earlier bond-buying binge that was the centerpiece of its financial crisis-inspired quantitative easing program.
For Mr Faust and others, the conversation is now focused on whether the Federal Reserve, when it releases new economic forecasts this week, could even raise its forecast for rate rises also. The average rates for home equity lines of credit, which are also directly affected by the Fed, have increased to 5.15 percent from 4.75 percent in that same time period. While there are several price indexes that track different products and services, the Fed's favored inflation measure in January hit its fastest 12-month pace in four years.
"The Fed needs other central banks to move away from extraordinary easing". The U.K. voted to leave the union last summer, one of a growing number of populations around the world trying to throw off the status quo.
The Netherlands will vote on Wednesday in an election that is seen as a fresh test of the anti-immigrant, populist politics that swept across the West in 2016. Later this year, elections will also occur in France and Germany.
Ms Yellen has long made job growth the priority, hoping wage growth would follow, while assuming the Fed could always tame inflation if it rose too quickly.
The dramatic shift in expectations for a March hike came even before Friday's strong jobs figures.
Fed watchers, it seems, are more buoyed by expectations for a vigorous economy than anxious about whether slightly higher rates might slow growth.
GOLDEN: Mobileye, an Israeli autonomous-driving company, agreed to sell itself to Intel for $63.54 per share in cash. Intel's shares were marginally lower, while shares other USA chipmakers rose slightly.
The S&P 500 fell 8 points, or 0.3%, to close at 2,365 as the energy sector dropped 1.1%.
Chevron fell 1.19 percent and was among the biggest drags on the Dow. The Fed believes it must to do this to force actual short-term rates to match their stated target rate.
European markets were mostly lower today, with the Spanish Ibex Index falling 0.46 percent, STOXX Europe 600 Index dropping 0.11 percent and German DAX 30 index gaining 0.05 percent.
Dow component Boeing was down 1.5 percent at $176 following a Morgan Stanley downgrade of the planemaker's stock to "equal-weight" from "overweight". It dipped to 114.68 Japanese yen from 114.78 yen late Friday.
The British pound strengthened against the dollar, rising to $1.2227, ahead of a vote by lawmakers that could trigger Brexit (http://www.marketwatch.com/story/mays-finger-on-the-brexit-trigger-as-uk-lawmakers-cast-crucial-vote-2017-03-13) as soon as Tuesday.
YIELDS: Bond prices rose.
The yield on the benchmark 10-year Treasury rose 1 basis point to 2.61 percent, the super-long 30-year bond yield also up by 1 basis point to 3.20 percent and the yield on short-term 2-year note traded almost 1 basis point higher at 1.38 percent by 11:40GMT.