Fed To Hold Policy Meeting Tuesday-Wednesday As Planned Despite Storm

The Federal Reserve said Tuesday that its interest-rate policy committee will meet as planned on Tuesday and Wednesday despite the winter storm that has hobbled much of the Northeast. The Fed is widely expected to raise the range of its benchmark federal funds rate by a quarter-point at the end of its discussions. The central bank will release its statement and new economic forecasts on Wednesday at 2 p.m. Eastern. Fed Chairwoman Janet Yellen will follow with a press conference at 2:30 p.m. Washington received less snow than expected overnight with some areas seeing mainly ice and freezing rain, but another round of snow is expected by mid-morning. The federal government will be operational after a three-hour delay.