A Gradual Pace Expected from Fed

Here’s what to look for when the Federal Open Market Committee releases its policy statement along with quarterly economic projections at 2 p.m. Wednesday in Washington, and Federal Reserve Chair Janet Yellen holds a press conference at 2:30 p.m.

Policy path: With the Fed expected to hold interest rates near zero until September, investors will focus on officials’ new quarterly forecasts.

The median of the 17 committee members’ projections will probably show the benchmark federal funds rate rising to 0.625 percent by year-end, implying two quarter-point increases, according to a Bloomberg survey of economists. That would be unchanged from Fed officials’ forecasts in March.