The US dollar is slightly weaker ahead of the Fed

The dollar is slightly weaker ahead of the Federal Reserve.

The US dollar index is down by 0.2% at 100.86 as of 7:29 a.m. ET.

"Global markets are subdued going into the FOMC meeting," wrote Marc Chandler, the global head of currency strategy, at Brown Brothers Harriman.

Virtually all market watchers expect that the Federal Open Market Committee, or FOMC, will raise its benchmark interest rate by 25 basis points to a range of 0.50% to 0.75%. This would mark the only rate hike in 2016.

The statement, the dot plot, and economic projections will be out at 2 p.m. ET, followed by Fed Chair Janet Yellen's press conference, which will start at 2:30 p.m. ET.

The dollar has been stronger against most major and emerging market currencies since Donald Trump's election back. It has hovered around 100-101.83 since around mid-November.