Fed opens two-day meeting today, with a pause expected after September's hike

Federal Reserve policymakers begin a two-day meeting in Washington today, and most economists expect them to leave the benchmark interest rate unchanged when the decision is released Wednesday.

The Fed's calendar lists the policy statement for 2 p.m. Eastern on Oct. 28, followed by Chairman Kevin Warsh's news conference at 2:30 p.m. It is the fourth meeting of Warsh's tenure, according to The Associated Press.

Where rates stand

In September the Fed raised its target range by a quarter point to 3.75% to 4%, its first increase in three years, CBS News reported. CME's FedWatch tool showed an 88% probability of a hold this week and a 71% chance of a hike in December, according to CBS.

Sources: CBS News; The Associated Press.

What to watch

Gasoline has topped $4 a gallon for three months and accounted for more than half of September's price increase, CBS reported. Diesel set a record of $6.53 in late September, the AP said.

The AP noted that some analysts expect two or three dissents, with Cleveland Fed President Beth Hammack and Dallas Fed President Lorie Logan seen as most likely to favor a hike. Warsh has criticized the practice of signaling future moves, so his news conference may offer few hints.

The meeting falls six days before the Nov. 3 midterm elections.