The meeting began at 1 p.m. EDT (1700 GMT), a Fed official said in an email. After Wednesday`s meeting, the central bankers are due to reconvene Thursday morning and announce their decision at 2 p.m. EDT (1800 GMT).
Global banks and investment funds see the chances for a rate increase as essentially a toss up, although most experts see a slightly higher probability for standing pat.
In a Reuters poll of 80 economists, 45 said the Fed would keep its benchmark interest rate between 0 and 0.25 percent. Thirty-five expected a hike.
Among primary dealers, 12 banks expect the Fed to hold and the remaining 10 expect a hike.
Bets in financial markets, suggest investors see the chances of a hike at just one in five.
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