Global financial markets today await the outcome of one of the most important meetings, in recent times, of the US Federal Reserve, or central bank. At its crucial two-day policy meeting, which began, yesterday, the US Fed is considering raising interest rates for the first time in over 9 years. The Fed's decision is due at 2330 hrs IST. Financial markets had expected a Fed rate increase for most of this year, as the U.S. economy has shown signs of picking up. But those expectations have somewhat receded in recent weeks, due to the global financial market turmoil, and economic slowdown, especially in China. Even if the US Fed were to raise rates, many expect it to signal a dovish monetary policy stance, rather than herald a series of interest rate increases. A rate increase, if it is announced, would make the dollar more expensive, and hike borrowing costs for developing economies around the world.Ahead of the Fed decision, key Asian stock markets were trading mixed. The Chinese market had slumped over 2 percent, and Hong Kong stocks had lost 0.6 percent. But stock markets in Japan, Singapore and South Korea had gained between 0.1 percent and 1.4 percent. The Indian bourses were closed for a holiday. Major European bourses in the UK, Germany and France were also trading mixed. But Wall Street's Dow Jones Industrial Average had gained 0.8 percent, overnight.