After the FOMC policy meeting took place, the focus now shifts to the European Central Bank (ECB) which will make its interest rate decision tonight.
What are investors' expectations for the ECB's decision?
Markets were widely expecting the central bank to raise interest rates by 25 basis points to 4.00%.
However, what is more questionable is whether it will signal a halt to rate hikes or continue them.
This is because, the economy of the European Zone is seen to be starting to show slow growth, moreover, it was confirmed to fall into recession last week after contracting for two consecutive quarters.
If followed, inflation in Europe is still high at 6.1% as of May, but it has shown a continuous decline from the peak of 10.6% reached last October.
As a result, the follow-up statement from ECB President Christine Lagarde will be the main focus of the market for the next policy indication.
Reiterating her statement at the previous meeting, Lagarde said that the ECB still has a lot to do so it will not stop.
Will that view change at tonight's policy meeting?
