Federal Reserve

Watch Fed Chairman Jerome Powell give his first news conference live

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Jerome Powell will give his first news conference as chairman of the Federal Reserve on Wednesday. He took the top position at the central bank in February.

In addition to looking for a rate increase from the policymaking Federal Open Market Committee, investors were expecting Powell to address the future of Fed policymaking.

Prior to this week's two-day meeting, the FOMC had increased its benchmark interest rate five times since December 2015. The Fed had held the rate near zero for seven years as it looked to spark a housing rebound and push investors toward riskier assets like stock and corporate bonds.

Ahead of Wednesday's announcement, markets widely expected the Fed to increase rates three times this year, but there has also been about a 40 percent probability priced in for a fourth move.

The news conference comes amid heightened expectations for economic growth. Though GDP is expected to increase only about 2 percent in the first quarter, economists are looking for that to accelerate through the year.

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