The U.S. Federal Reserve has convened a two-day meeting of the interest rate-setting Federal Open Market Committee.

The committee, comprising Federal Reserve Chairman Ben Bernanke and heads of reserve banks, convened the meeting behind closed doors on Tuesday in Washington. Participants of the meeting are discussing future trends on operating interests and whether to expand liquidity in the market.

Various projections have been made on the kind of announcement the U.S. central bank will give following the two-day meeting.

Some market observers believe that the Federal Reserve will delay announcing substantial measures and only agree that slow employment and other economic conditions are worsening and that there is a need to stimulate the economy.

Other observers believe that the central bank could come up with strong measures, including lowering its key interest rate, further purchasing bonds, or seeking a third dose of quantitative easing.