WASHINGTON, Dec. 14 (UPI) — The U.S. Federal Reserve is holding its final policy meeting of the year, during which it is expected to raise interest rates for the first time in a year.

With improving economic factors in recent months, including a surging stock market, analysts have expected the Federal Open Market Committee to hike the federal funds rate. The last increase happened in December 2015.

Fed Chairwoman Janet Yellen is scheduled to hold a news conference at 2:30 p.m. EST.