The US Federal Reserve, or central bank, is just hours away from announcing its much awaited decision on interest rates. The US Fed began a crucial two-day policy meeting, yesterday, to consider raising interest rates for the first time in more than 9 years. The Federal Open Market Committee, led by Fed Chairperson Janet Yellen, will announce its decision at 2330 hrs IST. Global financial markets have for many months been speculating about a US interest rate hike, as various indicators suggest that US economic growth is picking up. But signs of a global economic slowdown, and financial market turbulence emanating especially from China, in recent months, have tempered expectations of a rate hike. Even if the US Fed does announce a rate hike, it is likely to be within the broader signal of a dovish monetary policy stance. A rate increase would strengthen the US dollar, and raise borrowing costs for developing economies. The World Bank has warned developing economies to prepare for more capital and currency market turmoil as the US Fed tightens monetary policy. And just ahead of the US central bank's announcement, key Asian stock markets ended mixed. China's Shanghai Composite index plunged 2.1 percent, and Hong Kong's Hang Seng fell 0.5 percent. But the bourses in Japan, Singapore, and South Korea had gained between 0.1 percent and 1.4 percent. Major European stock markets in the UK, Germany and France were somewhat weak, while stock indices on Wall Street had opened slightly lower. Indian stock markets were closed for a holiday.