Here comes the Fed ...

The Federal Reserve will release its latest monetary policy statement at 2 p.m. ET.

After a two-day meeting, and nine years of extraordinary stimulus measures, the Fed's policy-setting committee is expected to raise its benchmark rate by 25 basis points.

It was on this day in 2008 when the Federal Open Market Committee (FOMC), which makes these decisions, lowered the target range of the federal funds rate to 0% to 0.25%.

By encouraging investment and spending, the era of low rates drove an economic recovery that took the unemployment to pre-recession levels, and propelled the labor market towards full employment.

However, inflation, the second leg of the Fed's dual mandate described as price stability, has trailed the Fed's 2% target, prompting some critics to ask whether it is too soon to raise rates.

Still, Fed Chair Janet Yellen and other FOMC members have expressed confidence that inflation would continue to advance towards their target. At the same time, Yellen has acknowledged wage pressures in a labor market where competition for even the least skilled workers is heating up, which should also put upward pressure on inflation.

And following well telegraphed intentions on the Fed's side, most economists expect the Fed to increase its benchmark rate by 25 basis points.

You can preview a mock-up of the Fed's statement here, assuming it raises rates. It would have a number of significant changes, including, as Goldman forecasts, an upgraded assessment of the labor market and an updated inflation outlook.

Through the dot plot, we'll get an idea of the pace of rate hikes, which the Fed has said would be gradual.

And at 2:30 p.m. ET, Yellen will hold a press conference.

Keep it here, as we'll have full coverage of the statement and the market reaction at the top of the hour.