The White House is holding a press briefing before the Federal Reserve's decision on whether to raise interest rates.

The Fed is slated to announce its decision regarding interest rates at 2 p.m., and Fed Chairman Jerome Powell will give a press briefing at 2:30 p.m. White House press secretary Karine Jean-Pierre will begin her press conference at 1:45 p.m., just before the announcement.

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The Fed has raised interest rates for more than a year in an effort to combat inflation. Despite this, it is finally expected to keep interest rates stable, following a cooling of inflation.

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A number of promising economic figures were released in June, showing positive trends in the producer price index and consumer price index.