The Federal Open Market Committee is expected to raise Fed funds rate a quarter-percent to 2.5% in the two-day meeting starting today. Most analysts anticipate sixth straight increase in a row as the US monetary policy makers have been following their “accommodative” ‘measured” policy of rate increases since June 2004.

Some are betting for a sharper increase of a half-point to 2.75%, citing the more hawkish attitudes of some of the FOMC members revealed in the minutes released after the previous meeting. However, things have happened since that might calm the more aggressive Fed members as to inflationary pressures.

According to the government’s report, gross domestic product rose at a weaker-than-expected 3.1% rate in the previous quarter. A rise in personal consumption expenditures, excluding food and energy costs was offset by a drop in exports and a rise in imports.

Wage growth rose a meager 0.4%, says a separate Labor Department report. January job report is expected to show an addition of 200,000 jobs but the Fed will not have these figures in tomorrow’s meeting.