[editors - this can be played at anytime before Wed, when the decision is made at 19GMT]
A decision on Wednesday, at the end of a two-day policy meeting, could see rates rise by an extra quarter of a percent.
It would be the first increase since December last year, when the Fed hiked rates for the first time in nine years.
At that point the US central bank suggested there could be as many as four rises in 2016, but the data never seemed strong enough to give the Fed officials the green light.
Nick Harper reports from New York.
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TAKE VO
At this time of year it's nice to get surprises.
Unless of course you're Wall Street. Then surprises are unwelcome at any time of year.
That's why the Fed has been priming the stock market for months that a rate hike is coming.
It's coming as surely as Christmas.
So much so that many economists, and even Wall Street are already looking past this meeting. Here's independent economist Steve Blitz.
TAKE SOUNDBITE
Steve Blitz, Independent Economist
"Oh I think it's a 100% I don't think there's any question they're going to raise interest rates. I think the question is what are they going to say about the coming year, the coming two years and what kind of guidance are they going to give the marketplace."
TAKE VO
Data in recent months has been steadily improving.
The latest GDP reading reached 3.2%.
There have been several consecutive months of steady jobs growth.
Unemployment is now at 4.6%.
Wages have slowly been improving
And inflation is at last rising.
Taken together it's enough for the Fed to act.
And although Americans may not be greatly impacted by a rise, emerging markets in Asia may be. Here's Douglas McIntyre from 24/7 Wall St.
TAKE SOUNDBITE
Douglas McIntyre, 24/7 Wall St.
"It will be tougher there than here in many ways because the ability for the US consumer or the US corporation to pay a bit more for money I think is pretty good, because you are in a healthy economy. Once you get to parts of the world where paying more becomes a dearer prospect it becomes much tougher."
TAKE VO
More rate rises look likely to follow. But a new President, with new economic plans like tax cuts and increase government spending could upset Fed chair Janet Yellen's calculations. Steve Blitz again.
TAKE SOUNDBITE
Steve Blitz, Independent Economist
"I don't see any reason why they wouldn't ramp up another 25 the next quarter, another 25 the quarter in the second quarter. The challenge is Trump changes all that. Because now with a Republican in the White House and a Republican-controlled House and Senate, and Republicans have never had a problem ramping up the deficit and raising the debt when they're the one that control the agenda."
TAKE VO
But with Donald Trump's agenda not exactly nailed down, the US will need a flexible Fed for the foreseeable future.
TAKE VO
At no point this year has a rate hike seemed surer. Indeed at a time of considerable uncertainty, with a new US President just over a month away, the Fed decision appears to be one of the most certain things out there. It's what comes after Wednesday's decision that's proving harder to predict.
SOC
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