The Federal Reserve announces its next interest rate decision on Wednesday, October 28, at 2 p.m. ET, and most economists expect it to keep its benchmark rate at 3.75% to 4%, CBS News reported.

In September the Fed raised rates by a quarter point, its first hike in three years. CME Group's FedWatch tool shows an 88% chance of a hold this week and a 71% chance of a hike at the December 8-9 meeting.

Headline inflation reached 3.7% in September, driven by energy, while core inflation was 2.6%, and gasoline has been above $4 a gallon for three months. Fed Chair Kevin Warsh will hold a press conference after the decision, less than a week before the November 3 midterm elections.