The rate is expected to stay at 5%, after the last decision in August saw interest rates cut for the first time since the pandemic.

On Wednesday, the Fed became the latest major central bank to reduce borrowing costs, cutting its main interest by half of a percentage point to roughly 4.8% from a two-decade high of 5.3%, where it had stood for 14 months. It also signaled that there will be more cuts to come in the next few months.

"The Fed is more worried about the labor market and less concerned about inflation at this point," a Glenmede analyst said.