There’s one number that could be key to how markets trade right after the Fed meets today

Don't miss out on all the updates from the Federal Reserve meeting today.

VIEW IN BROWSER | SUBSCRIBE   MY ACCOUNT     The One Number We're Waiting For   The One Number We're Waiting For Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022. Elizabeth Frantz | Reuters The bond market is waiting for Federal Reserve officials to reveal how high they think interest rates will go. The reaction to that forecast will also have a profound impact on stocks, which have struggled as rates have risen in anticipation of a more aggressive Fed.   The latest Fed forecast for a terminal rate — or high water mark in interest rates — will be unveiled in quarterly economic projections released at 2 p.m. ET today. That is when the Fed is expected to announce that will it will raise its target fed funds rate, and there is some speculation it could move as much as a full percentage point.   Subscribe to CNBC Pro to stay up to date on all breaking news and analysis today with the Federal Reserve set to announce interest rate increases. Get Pro Analysis Here are more of today's top stories to prepare for the Federal Reserve Meetring today, exclusively for CNBC Pro subscribers! BlackRock's Rieder says Fed should not panic because rate hikes have lagged effect   BlackRock's Rick Rieder expects the Fed to hike rates by three-quarters of a point Wednesday and says the Fed does not need to raise them by the full percentage point that some expect.   Read Article   What traders are thinking about before the big Fed decision Wednesday afternoon   Three-quarters or one full percentage point from the Fed? That's the big question on the minds of traders Wednesday.    Read Article   Higher rates are leaving investors around the world with nowhere to hide   Get a glimpse into Mike Santoli's ideas about trends, stocks, and market statistics as we near the Fed's press conference today.   Read Article       Like getting these emails?  Subscribe to CNBC Pro today and get access to unlimited Pro articles, access to Pro live events, stock tips, and money-making investment ideas. Unsubscribe Digital Products Manage Newsletters Feedback Terms of Service Privacy Policy Join the CNBC Panel © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal.   900 Sylvan Avenue, Englewood Cliffs, NJ 07632   Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis.   Data also provided by THOMSON REUTERS