Global markets focused on the meeting of the US Federal Reserve, which will take place this evening.

The Fed is expected to slow the rate hikes at its meeting tonight. President Jerome Powell is scheduled to give the message that it will be challenging to convince investors that this is not a dovish move, so the fight will continue until inflation reaches the target.

The Federal Open Market Committee (FOMC) is expected to raise interest rates by 50 basis points this evening to a range of 4.25 to 4.5 percent, the highest level since 2007. The economic projections to be announced after the meeting will also show how far policymakers will go about interest rates.

Economists surveyed by Bloomberg predicted a peak rate of 4.9 percent after Powell said rates would need to rise more than previous forecasts. This indicates that the FOMC will continue to increase by 25 basis points in February and March and then go on hold.

The Fed decision will be announced at 22:00 Turkish time, after which Chairman Jerome Powell will speak at the press conference.

The data released yesterday in the country showed that the worst of inflation might be behind. Annual inflation decreased to 7.1 percent, strengthening the expectation that the road would continue with a smaller interest rate hike.

“All eyes will be on the dot charts, the press conference, and Powell’s message on the rate hike path,” said Lydia Boussour, Senior Economist at EY Parthenon.