But after the significant impact of the sharp drop in the oil price on the near-term inflation outlook, analysts' also suggest this might cause the committee to leave the overall statement with a dovish tone.
Ahead of this meeting come a number of top-tier releases, including November's industrial production data this afternoon and housing market indicators including the NAHB housing index.
Read MoreLive blog: Five hostages run free from Sydney cafe siege
European shares were trading higher after markets opened on Monday as attention focused on a developing hostage incident in Sydney, Australia.
Stocks traded in positive territory amid an ongoing hostage situation in Australia. An armed assailant is holding an unknown number of people inside a Sydney café. Speaking to reporters, Prime Minister Tony Abbott called the incident "very disturbing," Reuters reported.
Oil prices rebounded more than a dollar on Monday, after hitting five-and-a-half-year lows of $60.28 earlier in the session. U.S. crude for January delivery was down 95 cents at $56.86 a barrel, after hitting a low of $56.25, down 2.7 percent, the lowest since May 2009.
Read MoreAsia's focus this week: Japan, Fed meeting
Earnings expected on Monday include payment transactions group Verifone.